Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: Second Quarter 2018 (Second Estimate) | Corporate Profits: Second Quarter 2018 (Preliminary Estimate), BEA 18-43 : Full Release

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, AUGUST 29, 2018
Technical:
Media:

Lisa Mataloni (GDP)
Kate Pinard (Corporate Profits)
Jeannine Aversa

(301) 278-9083
(301) 278-9417
(301) 278-9003

BEA 18-43

gdpniwd@bea.gov
cpniwd@bea.gov
Jeannine.Aversa@bea.gov

Gross Domestic Product: Second Quarter 2018 (Second Estimate)
Corporate Profits: Second Quarter 2018 (Preliminary Estimate)
Real gross domestic product (GDP) increased at an annual rate of 4.2 percent in the second quarter of
2018 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the
first quarter, real GDP increased 2.2 percent.
The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month. In the advance estimate, the increase in real GDP was 4.1
percent. With this second estimate for the second quarter, the general picture of economic growth
remains the same; the revision primarily reflected upward revisions to nonresidential fixed investment
and private inventory investment that were partly offset by a downward revision to personal
consumption expenditures (PCE). Imports which are a subtraction in the calculation of GDP, were
revised down. (see "Updates to GDP" on page 2).

Real GDP: Percent change from preceding quarter

2014
U.S. Bureau of Economic Analysis

2015

2016

2017

2018

Seasonally adjusted at annual rates

Real gross domestic income (GDI) increased 1.8 percent in the second quarter, compared with an
increase of 3.9 percent in the first quarter. The average of real GDP and real GDI, a supplemental
measure of U.S. economic activity that equally weights GDP and GDI, increased 3.0 percent in the
second quarter, compared with an increase of 3.1 percent in the first quarter (table 1).

The increase in real GDP in the second quarter reflected positive contributions from PCE, nonresidential
fixed investment, exports, federal government spending, and state and local government spending that
were partly offset by negative contributions from private inventory investment and residential fixed
investment. Imports decreased (table 2).
The acceleration in real GDP growth in the second quarter reflected accelerations in PCE, exports,
federal government spending, and state and local government spending, as well as a smaller decrease in
residential fixed investment. These movements were partly offset by a downturn in private inventory
investment and a deceleration in nonresidential fixed investment. Imports decreased after increasing in
the first quarter.
Current-dollar GDP increased 7.6 percent, or $370.9 billion, in the second quarter to a level of $20.41
trillion. In the first quarter, current-dollar GDP increased 4.3 percent, or $209.2 billion (table 1 and table
3).
The price index for gross domestic purchases increased 2.3 percent in the second quarter, compared
with an increase of 2.5 percent in the first quarter (table 4). The PCE price index increased 1.9 percent,
compared with an increase of 2.5 percent. Excluding food and energy prices, the PCE price index
increased 2.0 percent, compared with an increase of 2.2 percent.
Updates to GDP
The percent change in real GDP was revised up 0.1 percentage point from the advance estimate,
reflecting upward revisions to nonresidential fixed investment, private inventory investment, federal
government spending, and state and local government spending that were partly offset by downward
revisions to PCE, residential fixed investment, and exports. Imports were revised down. For more
information, see the Technical Note. A detailed "Key Source Data and Assumptions" file is also posted
for each release. For information on updates to GDP, see the "Additional Information" section that
follows.

Real GDP
Current-dollar GDP
Real GDI
Average of Real GDP and Real GDI
Gross domestic purchases price index
PCE price index

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
4.1
4.2
7.4
7.6
…
1.8
…
3.0
2.3
2.3
1.8
1.9

For the first quarter of 2018, revised tabulations from the BLS Quarterly Census of Employment and
Wages program were incorporated into the estimates; the percent change in real GDI was unrevised at
3.9 percent.

-2-

Corporate Profits (table 10)
Profits from current production (corporate profits with inventory valuation and capital consumption
adjustments) increased $72.4 billion in the second quarter, compared with an increase of $26.7 billion in
the first quarter.
Profits of domestic financial corporations increased $16.8 billion in the second quarter, in contrast to a
decrease of $9.3 billion in the first quarter. Profits of domestic nonfinancial corporations increased
$63.6 billion, compared with an increase of $32.3 billion. Rest-of-the-world profits decreased $8.0
billion, in contrast to an increase of $3.7 billion. In the second quarter, receipts decreased $6.0 billion,
and payments increased $2.0 billion.

*

*

*

Next release: September 27, 2018 at 8:30 A.M. EDT
Gross Domestic Product: Second Quarter 2018 (Third Estimate)
Corporate Profits: Second Quarter 2018 (Revised Estimate)

*

*

-3-

*

Additional Information
Resources

Personal income is the income received by, or on behalf of,
all persons from all sources: from participation as laborers
in production, from owning a home or business, from the
ownership of financial assets, and from government and
business in the form of transfers. t includes income from
domestic sources as well as the rest of world. It does not
include realized or unrealized capital gains or losses.

Additional resources available at www.bea.gov:
•

•
•
•
•
•

Stay informed about BEA developments by
reading the BEA blog, signing up for BEA’s email
subscription service, or following BEA on Twitter
@BEA_News.
Historical time series for these estimates can be
accessed in BEA’s interactive data application.
Access BEA data by registering for BEA’s data
application programming interface (API).
For more on BEA’s statistics, see our monthly
online journal, the Survey of Current Business.
BEA's news release schedule
NIPA Handbook: Concepts and Methods of the
U.S. National Income and Product Accounts

Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
income less personal current taxes.
Personal outlays is the sum of personal consumption
expenditures, personal interest payments, and personal
current transfer payments.
Personal saving is personal income less personal outlays
and personal current taxes.
The personal saving rate is personal saving as a percentage
of disposable personal income.

Definitions
Gross domestic product (GDP) is the value of the goods and
services produced by the nation’s economy less the value
of the goods and services used up in production. GDP is also
equal to the sum of personal consumption expenditures,
gross private domestic investment, net exports of goods
and services, and government consumption expenditures
and gross investment.

Profits from current production, referred to as corporate
profits with inventory valuation adjustment (IVA) and
capital consumption (CCAdj) adjustment in the National
Income and Product Accounts (NIPAs), is a measure of the
net income of corporations before deducting income taxes
that is consistent with the value of goods and services
measured in GDP. The IVA and CCAdj are adjustments that
convert inventory withdrawals and depreciation of fixed
assets reported on a tax-return, historical-cost basis to the
current-cost economic measures used in the national
income and product accounts. Profits for domestic
industries reflect profits for all corporations located within
the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the
difference between profits received from ROW and profits
paid to ROW.

Gross domestic income (GDI) is the sum of incomes earned
and costs incurred in the production of GDP. In national
economic accounting, GDP and GDI are conceptually equal.
In practice, GDP and GDI differ because they are
constructed using largely independent source data. Real
GDI is calculated by deflating gross domestic income using
the GDP price index as the deflator and is therefore
conceptually equivalent to real GDP.
Current-dollar estimates are valued in the prices of the
period when the transactions occurred—that is, at "market
value." Also referred to as "nominal estimates" or as
"current-price estimates."

For more definitions, see the Glossary: National Income and
Product Accounts.

Real values are inflation-adjusted estimates—that is,
estimates that exclude the effects of price changes.

Statistical conventions
Annual-vs-quarterly rates. Quarterly seasonally adjusted
values are expressed at annual rates, unless otherwise
specified. This convention is used for BEA’s featured,
seasonally adjusted measures to facilitate comparisons
with related and historical data. For details, see the FAQ
“Why does BEA publish estimates at annual rates?”
Quarterly not seasonally adjusted values are expressed only
at quarterly rates.

The gross domestic purchases price index measures the
prices of final goods and services purchased by U.S.
residents.
The personal consumption expenditure price index
measures the prices paid for the goods and services
purchased by, or on the behalf of, "persons."

-4-

to further revision by the source agency; "second" and
"third" estimates are released near the end of the second
and third months, respectively, and are based on more
detailed and more comprehensive data as they become
available.

Percent changes. Percent changes in quarterly seasonally
adjusted series are displayed at annual rates, unless
otherwise specified. For details, see the FAQ “How is
average annual growth calculated?” Percent changes in
quarterly not seasonally adjusted values are calculated
from the same quarter one year ago. All published percent
changes are calculated from unrounded data.

Annual and comprehensive updates are typically released
in late July. Annual updates generally cover at least the 5
most recent calendar years (and their associated quarters)
and incorporate newly available major annual source data
as well as some changes in methods and definitions to
improve the accounts. Comprehensive (or benchmark)
updates are carried out at about 5-year intervals and
incorporate major periodic source data, as well as major
conceptual improvements.

Calendar years and quarters. Unless noted otherwise,
annual and quarterly data are presented on a calendar
basis.
Quantities and prices. Quantities, or "real" volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2012).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (quarters for quarterly data and
annuals for annual data). For details on the calculation of
quantity and price indexes, see Chapter 4: Estimating
Methods in the NIPA Handbook.

The table below shows the average revisions to the
quarterly percent changes in real GDP between different
estimate vintages, without regard to sign.

Chained-dollar values are calculated by multiplying the
quantity index by the current dollar value in the reference
year (2012) and then dividing by 100. Percent changes
calculated from real quantity indexes and chained-dollar
levels are conceptually the same; any differences are due to
rounding. Chained-dollar values are not additive because
the relative weights for a given period differ from those of
the reference year. In tables that display chained-dollar
values, a "residual" line shows the difference between the
sum of detailed chained-dollar series and its corresponding
aggregate.

Vintage

Average Revision
Without Regard to Sign
(percentage points, annual rates)

Advance to second

0.5

Advance to third

0.6

Second to third

0.2

Advance to latest
1.3
Note - Based on estimates from 1993 through 2016. For
more information on GDP updates, see Revision
Information on the BEA Web site.
The larger average revision from the advance to the latest
estimate reflects the fact that periodic comprehensive
updates include major statistical and methodological
improvements.

Updates to GDP

Unlike GDP, an advance current quarterly estimate of GDI is
not released because data on domestic profits and on net
interest of domestic industries are not available. For fourth
quarter estimates, these data are not available until the
third estimate.

BEA releases three vintages of the current quarterly
estimate for GDP: "Advance" estimates are released near
the end of the first month following the end of the quarter
and are based on source data that are incomplete or subject

-5-

List of GDP News Release Tables
Table 1.
Table 2.
Table 3.
Table 4.
Table 5.
Table 6.
Table 7.
Table 8.
Table 9.
Table 11.
Table 12.
Appendix Table A.

Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period
Contributions to Percent Change in Real Gross Domestic Product
Gross Domestic Product: Level and Change From Preceding Period
Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period
Real Gross Domestic Product: Annual Percent Change
Real Gross Domestic Product: Percent Change from Quarter One Year Ago
Relation of Gross Domestic Product, Gross National Product, and National Income
Personal Income and Its Disposition
Corporate Profits: Level and Percent Change
Corporate Profits by Industry: Level and Change From Preceding Period
Gross Value Added of Nonfinancial Domestic Corporate Business
Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding
Period and Contributions to Percent Change
Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change From Quarter One Year
Ago

-6-

August 29, 2018

7DEOH5HDO*URVV'RPHVWLF3URGXFWDQG5HODWHG0HDVXUHV3HUFHQW&KDQJH)URP3UHFHGLQJ3HULRG
Line

2015

2016

2017

Seasonally adjusted at annual rates
2014
Line
2015
2016
2017
2018
Q1r
Q2r
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
4.9
1.9
3.3
3.3
1.0
0.4
1.5
2.3
1.9
1.8
1.8
3.0
2.8
2.3
2.2
4.2
1
4.5
4.7
3.5
3.4
2.9
2.3
2.4
3.4
2.7
2.6
1.8
2.9
2.2
3.9
0.5
3.8
2
4.5
5.5
4.4
4.8
4.3
2.4
3.4
4.8
3.3
2.7
1.9
5.6
4.1
6.8 -0.6
5.4
3
7.4
8.1
6.6
9.4
5.0
2.9
3.2
6.6 10.4
7.1
1.9
8.7
7.7 12.7 -2.0
8.6
4
3.2
4.3
3.4
2.6
4.0
2.1
3.5
3.9 -0.1
0.6
1.9
4.0
2.3
4.0
0.1
3.7
5
4.4
4.3
3.1
2.7
2.2
2.2
2.0
2.8
2.4
2.5
1.7
1.7
1.4
2.6
1.0
3.1
6
7.6 -0.3 12.8
2.0 -1.2 -5.8 -1.8 -1.0 -0.4
8.1
4.9
5.7
8.8
0.8
9.6
0.4
7
8.2
4.3
0.0
3.7
3.1 -1.9
1.9
2.8
3.2
1.7
9.9
4.3
2.6
6.2
8.0
6.2
8
8.7
2.0 -1.8
2.0
1.1 -3.9 -1.2
3.8
4.6
0.0
9.6
7.3
3.4
4.8 11.5
8.5
9
1.1
6.7 -8.7
1.7 -13.9 -20.6 -4.0
3.3 12.6 -1.2 12.8
3.8 -5.7
1.3 13.9 13.2 10
14.8 -5.6
4.4
0.8
7.3 -4.4 -6.4
0.1
0.1
0.9
9.1
9.7
9.8
9.9
8.5
4.4 11
5.9 10.4 -5.0
4.0
4.6 11.1
8.7
9.6
5.5 -0.4
8.0
6.6
1.7
0.7 14.1 11.0 12
6.3 14.9
7.5 11.0 11.4
5.8 13.7 -1.0 -1.7
7.7 11.1 -5.5 -0.5 11.1 -3.4 -1.6 13
........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... 14
........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... 15
1.4
4.7 -4.2
3.8 -3.5 -2.2 -2.4
3.4
6.1 -3.6
5.0
3.6
3.5
6.6
3.6
9.1 16
3.4
4.6 -9.4
6.5 -4.6 -4.8
0.2
3.6
7.7 -3.1
4.2
4.2
2.1 10.9
3.2 13.1 17
-2.8
5.0
7.4 -1.3 -1.3
2.8 -7.2
3.1
3.2 -4.6
6.4
2.6
6.3 -1.0
4.2
1.6 18
0.6 11.0
6.6
3.2
4.1 -0.4
0.5
0.8
4.9
6.2
4.8
2.5
2.8 11.8
3.0 -0.4 19
0.6 11.7
7.8
3.6
3.1 -1.3 -0.4
1.1
4.2
6.4
4.9
2.4
2.5 14.2
2.4 -0.3 20
0.7
8.1
1.3
1.9
8.9
3.8
4.4 -0.7
7.9
5.7
4.5
3.1
4.4
2.0
5.5 -0.8 21

Gross domestic product (GDP)...............................
2.9
1.6
2.2
1
2 Personal consumption expenditures...............................
3.7
2.7
2.5
3 Goods................................................................................
4.7
3.6
3.7
Durable goods................................................................
4
7.6
5.5
6.8
5
3.4
2.7
2.1
Nondurable goods..........................................................
6 Services.............................................................................
3.2
2.3
2.0
7 Gross private domestic investment.................................
4.8 -1.3
4.8
8 Fixed investment...............................................................
3.4
1.7
4.8
9
1.8
0.5
5.3
Nonresidential.................................................................
Structures....................................................................
10
-3.0 -5.0
4.6
Equipment...................................................................
11
3.1 -1.5
6.1
Intellectual property products......................................
12
3.7
7.5
4.6
13
6.5
3.3
Residential...................................................................... 10.1
14 Change in private inventories............................................ ........... ........... ...........
15 Net exports of goods and services.................................. ........... ........... ...........
16 Exports..............................................................................
0.6 -0.1
3.0
17
-0.3
0.3
3.3
Goods.............................................................................
Services..........................................................................
18
2.4 -0.9
2.5
19 Imports...............................................................................
5.5
1.9
4.6
Goods.............................................................................
20
5.8
1.4
4.6
21
4.0
4.2
4.4
Services..........................................................................
22 Government consumption expenditures and gross
investment.........................................................................
1.9
1.4 -0.1
2.8 -0.4
2.3
4.0
1.9
0.7
3.4
23 Federal..............................................................................
0.0
0.4
0.7
4.7 -5.9
2.2
1.0 -0.6
2.3
0.2
National defense............................................................. -2.0 -0.6
24
0.7
5.5 -11.0
0.0
0.8 -4.0
2.6 -1.1
25
3.1
1.9
0.8
3.5
2.5
5.5
1.4
4.6
1.9
2.1
Nondefense....................................................................
26 State and local...................................................................
3.0
2.0 -0.5
1.6
3.2
2.3
5.8
3.4 -0.3
5.4
Addenda:
1
27 Gross domestic income (GDI) .........................................
2.6
0.8
2.3
4.8
2.9
2.9
1.3
1.0
0.3
1.5
28 Average of GDP and GDI..................................................
2.7
1.2
2.2
4.9
2.4
3.1
2.3
1.0
0.3
1.5
29 Final sales of domestic product.........................................
2.6
2.1
2.2
5.0
2.7
1.2
3.7
1.7
1.1
2.2
30 Gross domestic purchases................................................
3.6
1.8
2.5
4.7
2.9
4.8
3.3
2.0
0.6
1.9
31 Final sales to domestic purchasers...................................
3.3
2.3
2.5
4.8
3.7
2.7
3.6
2.7
1.3
2.5
32 Final sales to private domestic purchasers.......................
3.7
2.5
3.0
5.2
4.6
2.8
3.5
2.9
1.4
2.3
33 Gross national product (GNP)...........................................
2.8
1.5
2.3
5.4
1.1
3.5
3.0
0.9
0.7
0.9
34 Disposable personal income.............................................
4.1
1.7
2.6
4.5
5.0
5.0
3.1
3.4
0.9
2.7
Current-dollar measures:
35
4.0
2.7
4.2
6.9
2.7
3.0
5.7
2.4
0.5
1.2
GDP................................................................................
GDI.................................................................................
36
3.7
1.9
4.2
6.8
3.7
2.6
3.7
2.5
0.4
1.1
37
3.8
2.3
4.2
6.9
3.2
2.8
4.7
2.5
0.4
1.2
Average of GDP and GDI...............................................
Final sales of domestic product......................................
38
3.7
3.2
4.2
7.1
3.0
1.2
6.2
3.0
1.3
2.0
39
3.9
2.6
4.3
6.2
3.3
3.1
4.8
3.2
0.2
1.2
Gross domestic purchases.............................................
Final sales to domestic purchasers................................
40
3.7
3.2
4.4
6.4
3.6
1.3
5.3
3.7
0.9
2.0
41
4.1
3.4
4.8
6.7
4.5
1.6
5.1
4.0
1.2
2.2
Final sales to private domestic purchasers....................
GNP................................................................................
42
3.8
2.6
4.3
7.4
1.9
3.1
5.3
2.4
0.9
0.5
43
Disposable personal income..........................................
4.4
2.8
4.4
5.7
4.6
3.2
5.1
4.7
0.7
3.0
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
Source: U.S. Bureau of Economic Analysis

-7-

-0.8
-1.6
-3.3
1.0
-0.4

1.0
1.6
2.8
-0.1
0.6

0.2
0.5
-1.2
3.0
0.0

-0.8
0.0
-0.3
0.4
-1.2

0.0
2.4
5.6
-2.0
-1.3

-1.0
-1.3
-2.9
1.1
-0.9

2.4
4.1
2.9
5.7
1.4

1.5
2.6
3.0
2.1
0.9

2.3
3.7
6.0
0.5
1.6

22
23
24
25
26

-0.9
0.6
2.9
1.9
2.6
3.3
2.4
-0.6

2.0
2.0
2.5
1.9
2.4
2.8
1.6
1.5

2.4
2.1
0.7
3.0
2.0
2.4
2.8
2.7

3.5
2.6
2.6
1.9
2.6
3.3
1.5
4.5

2.8
2.9
2.8
2.8
2.6
3.2
2.6
2.2

1.3
2.0
1.8
2.7
1.7
2.3
3.6
2.2

1.5
1.9
3.2
3.1
4.0
4.4
2.6
2.3

3.9
3.1
1.9
2.2
1.9
2.0
2.2
4.4

1.8
3.0
5.3
3.0
3.9
4.3
4.1
2.5

27
28
29
30
31
32
33
34

5.1
1.8
3.4
5.7
4.4
4.9
5.6
5.3
1.7

3.5
3.5
3.5
4.0
3.5
4.1
4.3
3.1
3.3

3.9
4.5
4.2
3.0
5.0
4.1
4.4
4.9
4.7

3.9
5.6
4.8
4.7
4.2
4.9
5.3
3.6
6.6

4.2
4.0
4.1
4.0
3.9
3.8
4.2
3.8
3.0

4.8
3.2
4.0
4.0
4.4
3.6
4.0
5.6
3.9

5.1
4.2
4.7
5.8
6.0
6.7
6.9
5.3
5.1

4.3
6.0
5.1
4.0
4.8
4.5
4.5
4.2
7.0

7.6
5.1
6.4
8.4
5.6
6.4
6.5
7.4
4.4

35
36
37
38
39
40
41
42
43

August 29, 2018

7DEOH&RQWULEXWLRQVWR3HUFHQW&KDQJHLQ5HDO*URVV'RPHVWLF3URGXFW
Line

2015

2016

2017

2014
Q3
Q4

Q1

2015
Q2
Q3

Seasonally adjusted at annual rates
2016
Q4
Q1
Q2
Q3
Q4
Q1

2017
Q2
Q3

Q4

2018
Q2r
Q1

Line

Percent change at annual rate:
Gross domestic product................................................
Percentage points at annual rates:
2 Personal consumption expenditures.................................
3 Goods..................................................................................
Durable goods...................................................................
4
Motor vehicles and parts................................................
5
Furnishings and durable household equipment.............
6
Recreational goods and vehicles...................................
7
Other durable goods......................................................
8
Nondurable goods.............................................................
9
Food and beverages purchased for off-premises
10
consumption.................................................................
Clothing and footwear....................................................
11
Gasoline and other energy goods..................................
12
Other nondurable goods................................................
13
1

14 Services..............................................................................
15
Household consumption expenditures (for services)........
Housing and utilities.......................................................
16
Health care.....................................................................
17
Transportation services..................................................
18
Recreation services.......................................................
19
Food services and accommodations.............................
20
Financial services and insurance...................................
21
Other services................................................................
22
Final consumption expenditures of nonprofit
23
institutions serving households.......................................
Gross output of nonprofit institutions.............................
24
Less: Receipts from sales of goods and services
25
by nonprofit institutions................................................

2.9

1.6

2.2

4.9

1.9

3.3

2.50
1.02
0.53
0.18
0.12
0.15
0.08
0.49

1.85
0.77
0.39
0.08
0.11
0.17
0.02
0.38

1.73
0.78
0.48
0.11
0.12
0.19
0.07
0.30

2.98
0.98
0.51
0.13
0.10
0.21
0.07
0.47

3.10
1.18
0.55
0.17
0.09
0.19
0.10
0.63

2.36
0.94
0.46
0.21
0.09
0.09
0.07
0.48

2.28 1.91
1.02 0.91
0.65 0.35
0.33 -0.02
0.12 0.15
0.11 0.18
0.09 0.05
0.37 0.56

0.07
0.07
0.09
0.26

0.18 0.12
0.04 0.05
0.01 -0.02
0.15 0.15

0.09
0.05
0.03
0.30

0.07
0.14
0.17
0.25

0.12
0.03
0.19
0.14

0.04
0.06
0.01
0.27

2.00
1.99
0.05
0.82
0.16
0.18
0.20
0.27
0.31

1.91 1.41
2.12 1.67
0.55 0.51
0.86 0.65
0.00 0.11
0.17 0.11
0.26 0.10
0.10 0.29
0.18 -0.10

1.48 1.08
1.55 1.01
0.27 0.16
0.64 0.46
0.09 0.08
0.11 0.06
0.19 0.10
0.15 -0.09
0.10 0.23

0.95
0.96
0.08
0.36
0.07
0.06
0.03
0.14
0.23

3.3

1.0

0.4

2.2

4.2

1

2.64 0.36
1.42 -0.13
0.87 -0.15
0.4 -0.35
0.18 0.03
0.22 0.13
0.07 0.04
0.55 0.02

2.55
1.12
0.60
0.16
0.10
0.17
0.16
0.52

2
3
4
5
6
7
8
9

0.05 0.16 0.29 0.11
0.15 0.04 0.17 -0.15
0.11 -0.05 -0.02 -0.05
0.26 0.17 0.12 0.11

0.14
0.17
0.04
0.18

10
11
12
13

1.26 1.00 1.02 0.90 1.29 1.09 1.17 0.82 0.79 0.65 1.22 0.49
1.30 0.83 0.83 0.93 1.34 0.78 1.26 0.89 0.82 0.77 1.14 0.24
0.01 0.28 -0.03 0.17 0.35 0.26 -0.17 -0.13 0.36 0.04 0.27 0.07
0.41 0.48 0.35 0.48 0.84 -0.19 0.87 0.25 0.04 0.60 0.28 0.16
0.12 0.04 0.10 0.08 0.05 0.11 0.16 -0.04 0.07 0.07 0.23 -0.02
0.11 -0.01 0.26 -0.04 -0.10 0.15 0.19 0.08 0.01 -0.05 -0.05 0.05
0.31 0.07 0.15 0.06 0.16 0.05 -0.06 0.12 -0.05 0.04 -0.01 0.10
0.18 -0.13 0.00 -0.28 -0.19 0.16 -0.02 0.38 0.05 0.16 0.11 -0.06
0.15 0.09 0.00 0.48 0.22 0.25 0.29 0.24 0.33 -0.10 0.31 -0.06

1.43
1.32
0.31
0.25
0.03
0.09
0.37
0.00
0.26

14
15
16
17
18
19
20
21
22

0.25
0.09

0.12
0.22

23
24

0.00 -0.17

1.52 1.62
0.51 0.72
0.21 0.23
-0.1 -0.01
0.11 0.11
0.13 0.17
0.06 -0.05
0.30 0.49

0.06 0.06
0.08 0.03
0.08 -0.03
0.33 0.24

2.3

1.9

2.30 1.79
1.01 0.70
0.46 0.71
0.13 0.34
0.11 0.13
0.20 0.19
0.01 0.06
0.55 -0.01

1.8

1.8

3.0

2.8

1.75 1.22
0.58 0.40
0.50 0.13
0.25 -0.22
0.05 0.13
0.16 0.19
0.05 0.04
0.08 0.27

1.95
1.17
0.60
0.08
0.14
0.29
0.10
0.56

1.52
0.86
0.54
0.21
0.14
0.05
0.14
0.32

0.27 0.36 0.11 0.12 0.06
0.04 0.04 0.07 -0.04 -0.01
0.14 -0.12 -0.04 -0.05 -0.03
0.05 0.27 -0.15 0.05 0.25

0.07 -0.01
0.27 0.13

0.01 -0.21 -0.26 -0.04
0.36 0.25 -0.02 -0.06

0.21

0.20

0.14

0.35

0.46

0.24 -0.02 -0.11

0.12

0.35

0.49 -0.04

0.11

25

26 Gross private domestic investment....................................
27 Fixed investment................................................................
Nonresidential...................................................................
28
Structures.......................................................................
29
Equipment......................................................................
30
Information processing equipment..............................
31
Industrial equipment....................................................
32
Transportation equipment...........................................
33
Other equipment.........................................................
34
Intellectual property products.........................................
35
Software......................................................................
36
Research and development........................................
37
Entertainment, literary, and artistic originals...............
38
Residential........................................................................
39

0.83
0.57
0.24
-0.10
0.19
0.13
0.00
0.16
-0.10
0.15
0.08
0.04
0.03
0.33

-0.24 0.81
0.29 0.81
0.06 0.68
-0.16 0.13
-0.09 0.35
0.08 0.22
-0.01 0.08
-0.10 -0.06
-0.06 0.11
0.31 0.20
0.14 0.17
0.17 0.03
0.01 0.01
0.23 0.13

1.32
1.35
1.15
0.04
0.87
0.03
0.12
0.39
0.33
0.24
0.15
0.07
0.02
0.20

-0.05
0.72
0.26
0.21
-0.36
0.11
-0.16
-0.16
-0.14
0.41
0.02
0.35
0.04
0.45

2.15 0.37
-0.01 0.63
-0.25 0.27
-0.31 0.05
0.27 0.05
0.08 0.13
0.02 0.06
0.41 0.05
-0.23 -0.19
-0.21 0.17
0.10 0.07
-0.34 0.07
0.03 0.03
0.24 0.35

-1.04
-0.33
-0.53
-0.70
-0.27
0.09
0.03
-0.27
-0.13
0.44
0.12
0.31
0.01
0.20

-0.31
0.31
-0.16
-0.12
-0.40
-0.12
-0.12
-0.12
-0.04
0.36
0.18
0.18
-0.01
0.47

-0.17 -0.07 1.30 0.80 0.95 1.47 0.14 1.61 0.10
0.46 0.52 0.28 1.60 0.72 0.44 1.04 1.34 1.07
0.50 0.59 0.00 1.20 0.94 0.45 0.63 1.47 1.13
0.09 0.35 -0.04 0.36 0.11 -0.18 0.04 0.40 0.39
0.01 0.01 0.05 0.50 0.55 0.56 0.56 0.49 0.27
0.12 0.17 0.14 0.30 0.27 0.20 0.18 0.22 0.21
0.05 0.01 0.06 0.07 0.15 0.08 0.06 0.08 -0.04
-0.09 -0.21 -0.17 -0.02 -0.07 0.13 0.14 0.20 0.02
-0.06 0.03 0.02 0.16 0.19 0.15 0.19 0.00 0.09
0.39 0.23 -0.02 0.33 0.28 0.08 0.03 0.58 0.47
0.18 0.14 0.13 0.20 0.22 0.20 -0.05 0.31 0.23
0.23 0.07 -0.16 0.13 0.06 -0.12 0.06 0.27 0.23
-0.01 0.03 0.01 0.00 0.00 0.00 0.01 0.01 0.01
-0.04 -0.06 0.28 0.41 -0.22 -0.02 0.41 -0.14 -0.06

26
27
28
29
30
31
32
33
34
35
36
37
38
39

40 Change in private inventories..........................................
41
Farm..................................................................................
Nonfarm............................................................................
42

0.25 -0.53
0.03 -0.03
0.23 -0.50

0.00 -0.03 -0.77
0.00 0.08 -0.03
0.00 -0.11 -0.73

2.16 -0.25 -0.73 -0.70 -0.62 -0.62 -0.59 1.03 -0.80
0.15 -0.06 -0.03 -0.03 -0.18 0.16 0.02 -0.11 -0.02
2.02 -0.20 -0.70 -0.68 -0.44 -0.78 -0.62 1.14 -0.78

43 Net exports of goods and services.....................................
44 Exports................................................................................
45
Goods................................................................................
Services............................................................................
46
47 Imports................................................................................
Goods................................................................................
48
Services............................................................................
49

-0.78
0.08
-0.03
0.10
-0.85
-0.74
-0.11

-0.31
0.36
0.26
0.10
-0.67
-0.55
-0.12

-1.58
-0.56
-0.86
0.30
-1.02
-0.99
-0.03

50 Government consumption expenditures and gross
investment...........................................................................
51 Federal................................................................................
National defense...............................................................
52
Consumption expenditures............................................
53
Gross investment...........................................................
54
Nondefense.......................................................................
55
Consumption expenditures............................................
56
Gross investment...........................................................
57
58 State and local....................................................................
Consumption expenditures...............................................
59
Gross investment..............................................................
60
r Revised
Source: U.S. Bureau of Economic Analysis

0.12
0.20
0.32
-0.12
-0.08
-0.06
-0.02

0.33 0.25 -0.01 0.51
0.00 0.03 0.05 0.33
-0.08 -0.02 0.03 0.23
-0.07 -0.01 -0.02 0.26
-0.01 -0.01 0.05 -0.03
0.08 0.05 0.02 0.09
0.07 0.04 0.01 0.08
0.02 0.01 0.01 0.02
0.34 0.22 -0.06 0.18
0.25 0.18 0.00 0.11
0.09 0.04 -0.06 0.07

-1.08
0.62
0.42
0.21
-1.70
-1.48
-0.22

-0.01
0.48
0.54
-0.06
-0.49
-0.44
-0.05

-0.22
0.51
0.14
-0.48
0.43
0.28
-0.06
0.28
-0.06
0.18
0.02
0.14
0.03
0.37

-0.21
-0.28
-0.40
0.12
0.07
0.17
-0.10

0.31 -0.09 -0.07 -0.03 -0.11
0.27 0.26 0.07 -0.19 0.25
0.35

-0.36 0.29 0.03 -1.32
-0.31 0.39 0.71 -0.44
0.00 0.26 0.58 -0.24
-0.31 0.13 0.13 -0.20
-0.06 -0.10 -0.68 -0.88
0.06 -0.11 -0.47 -0.73
-0.12 0.02 -0.21 -0.15

0.14 -0.16

0.23
0.03
0.19

0.36

0.07
0.08

1.04 -0.91 0.27 -0.97
0.02 -0.01 -0.01 0.03
1.02 -0.89 0.28 -1.00

-0.10 0.08 0.01 -0.89
0.59 0.44 0.42 0.79
0.33 0.33 0.17 0.83
0.26 0.11 0.25 -0.04
-0.69 -0.36 -0.41 -1.68
-0.57 -0.28 -0.29 -1.62
-0.12 -0.09 -0.12 -0.06

40
41
42

-0.02
0.43
0.26
0.18
-0.45
-0.30
-0.15

1.17
1.10
1.03
0.07
0.07
0.05
0.02

43
44
45
46
47
48
49

-0.07 0.40 0.70 0.33 0.12 0.60 -0.15 0.17 0.03 -0.13 0.01 -0.18 0.41 0.27
-0.42 0.15 0.07 -0.04 0.16 0.02 -0.10 0.11 0.03 0.00 0.16 -0.08 0.26 0.17
-0.49 0.00 0.03 -0.16 0.10 -0.04 -0.13 0.11 -0.05 -0.01 0.21 -0.11 0.11 0.11
-0.48 0.11 -0.05 -0.11 0.06 -0.01 -0.07 0.11 -0.06 -0.10 0.07 -0.08 0.09 0.12
-0.01 -0.11 0.08 -0.05 0.05 -0.03 -0.06 0.00 0.01 0.09 0.14 -0.03 0.02 0.00
0.07 0.15 0.04 0.12 0.05 0.06 0.03 0.00 0.08 0.01 -0.05 0.03 0.15 0.06
0.03 0.14 0.02 0.11 0.06 0.04 0.00 0.00 0.07 0.00 -0.07 0.04 0.11 0.08
0.04 0.00 0.02 0.01 0.00 0.02 0.02 0.00 0.01 0.01 0.02 -0.01 0.03 -0.03
0.35 0.26 0.63 0.37 -0.03 0.58 -0.04 0.07 0.00 -0.13 -0.15 -0.10 0.15 0.10
0.26 0.30 0.30 0.27 0.19 0.21 0.14 0.14 -0.02 -0.07 -0.04 -0.01 -0.01 0.02
0.09 -0.05 0.33 0.10 -0.22 0.37 -0.18 -0.08 0.02 -0.07 -0.10 -0.09 0.16 0.08

0.41
0.24
0.22
0.20
0.03
0.01
0.00
0.01
0.17
0.06
0.11

50
51
52
53
54
55
56
57
58
59
60

-8-

-1.05
-0.44
-0.39
-0.05
-0.61
-0.38
-0.23

0.19 -0.03 -0.05
0.31 0.31 0.44

2.3

-0.07
0.13

-0.30
-0.01
0.03
-0.04
-0.28
-0.17
-0.11

0.17
0.06

1.5

August 29, 2018

7DEOH*URVV'RPHVWLF3URGXFW/HYHODQG&KDQJH)URP3UHFHGLQJ3HULRG&RQWLQXHV
Billions of dollars
Line

Billions of chained (2012) dollars

Seasonally adjusted at annual rates
2017

Seasonally adjusted at annual rates

2017
2017
2018
2017
2018
Q1r
Q2r
Q1r
Q2r
Q3
Q4
Q2
Q3
Q4
19,588.1 19,831.8 20,041.0 20,411.9 18,050.7 17,995.2 18,120.8 18,223.8 18,324.0 18,514.6
13,359.1 13,579.2 13,679.6 13,871.6 12,558.7 12,515.9 12,584.9 12,706.4 12,722.8 12,841.2
4,166.0 4,250.9 4,267.7 4,327.8 4,391.9 4,366.0 4,410.2 4,483.9 4,477.0 4,535.7
1,411.2 1,445.7 1,434.5 1,458.7 1,577.9 1,559.2 1,588.6 1,636.6 1,628.2 1,662.2
497.7
516.4
498.5
505.1
507.2
498.0
508.4
528.3
510.7
519.1
316.3
322.6
324.1
331.3
360.4
355.8
363.8
373.9
375.5
381.1
379.9
386.3
388.5
392.5
476.2
475.5
478.4
492.2
500.6
511.9
217.3
220.4
223.4
229.9
239.9
236.5
243.9
247.8
249.9
259.0
2,754.8 2,805.2 2,833.2 2,869.1 2,822.0 2,813.9 2,829.9 2,857.7 2,858.6 2,884.9

Change from preceding period
2017

r

2018

r

Line

Q1
Q2
Q2
Gross domestic product (GDP).................................. 19,485.4 19,359.1
1
391.5
100.2
190.6
1
2 Personal consumption expenditures................................. 13,321.4 13,233.2
310.5
16.5
118.4
2
3 Goods................................................................................... 4,156.1 4,117.1
155.8
-6.9
58.7
3
Durable goods................................................................... 1,406.5 1,393.4
4
101.1
-8.4
34.0
4
Motor vehicles and parts................................................
5
498.2
489.7
20.7
-17.6
8.4
5
Furnishings and durable household equipment...........
6
315.4
312.9
25.7
1.6
5.6
6
Recreational goods and vehicles..................................
7
378.1
378.2
43.8
8.4
11.3
7
Other
durable
goods......................................................
8
214.7
212.6
13.8
2.1
9.1
8
9
58.0
0.9
26.3
9
Nondurable goods............................................................. 2,749.6 2,723.7
Food and beverages purchased for off-premises
10
consumption................................................................
965.8
959.5
967.9
982.6
988.3
998.0
938.9
932.3
939.7
953.5
958.6
965.2
22.2
5.1
6.5 10
Clothing and footwear....................................................
11
379.7
378.5
380.2
384.7
385.5
394.3
382.9
381.6
383.7
392.1
384.7
393.0
9.0
-7.4
8.3 11
Gasoline and other energy goods.................................
12
307.0
292.6
301.0
327.3
340.6
345.3
446.5
450.6
447.1
445.4
441.9
444.4
-5.5
-3.5
2.5 12
Other nondurable goods................................................ 1,097.2 1,093.2 1,105.8 1,110.5 1,118.8 1,131.5 1,045.1 1,042.7 1,050.5 1,056.0 1,061.4 1,070.0
13
26.7
5.4
8.6 13
14 Services............................................................................... 9,165.3 9,116.1 9,193.1 9,328.3 9,411.9 9,543.8 8,184.5 8,165.6 8,193.7 8,246.6 8,267.9 8,330.6
162.0
21.3
62.6 14
15
164.9
10.3
57.7 15
Household consumption expenditures (for services)...... 8,761.9 8,710.4 8,791.9 8,924.9 8,992.5 9,118.3 7,842.2 7,821.9 7,855.0 7,904.9 7,915.2 7,972.8
Housing and utilities....................................................... 2,447.8 2,438.2 2,458.2 2,492.6 2,515.6 2,549.9 2,129.9 2,130.0 2,131.6 2,143.2 2,146.0 2,159.4
16
13.3
2.8
13.4 16
Health care..................................................................... 2,271.2 2,248.7 2,284.6 2,313.2 2,331.0 2,355.2 2,145.8 2,129.2 2,156.8 2,169.7 2,177.3 2,189.1
17
64.1
7.6
11.8 17
Transportation services.................................................
18
437.0
432.9
435.5
452.3
450.1
455.9
417.6
414.0
417.4
428.3
427.2
428.5
13.4
-1.0
1.3 18
Recreation services.......................................................
19
541.8
541.2
543.3
543.6
549.0
554.5
489.1
490.9
488.5
486.3
488.5
492.5
10.1
2.2
4.1 19
Food services and accommodations............................
20
897.3
894.1
898.8
904.6
914.2
941.4
795.3
794.1
795.8
795.2
799.5
815.7
4.8
4.3
16.2 20
Financial services and insurance.................................. 1,060.4 1,050.8 1,066.9 1,094.4 1,102.5 1,113.4
21
848.4
844.7
851.0
855.1
852.7
852.5
21.0
-2.4
-0.2 21
Other services................................................................ 1,106.5 1,104.6 1,104.6 1,124.3 1,130.1 1,147.9 1,027.0 1,029.3 1,024.9 1,039.1 1,036.4 1,048.4
22
40.5
-2.7
12.0 22
Final consumption expenditures of nonprofit
23
institutions serving households......................................
403.4
405.7
401.2
403.4
419.4
425.6
343.1
344.3
339.7
342.7
353.3
358.2
-2.4
10.6
4.9 23
Gross output of nonprofit institutions............................. 1,511.5 1,499.4 1,517.0 1,530.0 1,544.6 1,562.1 1,357.2 1,348.8 1,359.7 1,363.1 1,366.9 1,376.8
24
21.9
3.8
9.9 24
Less: Receipts from sales of goods and
25
services by nonprofit institutions................................. 1,108.1 1,093.7 1,115.8 1,126.6 1,125.2 1,136.6 1,015.3 1,005.4 1,021.6 1,021.8 1,014.3 1,019.2
24.9
-7.5
4.9 25
146.1
75.0
3.4 26
26 Gross private domestic investment................................... 3,368.0 3,337.9 3,413.9 3,441.4 3,543.8 3,586.7 3,196.6 3,172.1 3,239.8 3,246.0 3,321.0 3,324.4
27 Fixed investment................................................................ 3,342.5 3,320.8 3,358.5 3,420.0 3,507.4 3,587.9 3,155.1 3,141.3 3,161.2 3,209.3 3,271.3 3,320.7
145.3
62.0
49.4 27
Nonresidential................................................................... 2,587.9 2,576.7 2,607.0 2,642.6 2,720.3 2,789.9 2,538.1 2,530.8 2,552.3 2,582.7 2,654.0 2,708.9
28
126.8
71.3
54.9 28
Structures.......................................................................
29
585.4
588.3
585.3
590.6
614.9
641.9
517.5
522.2
514.5
516.2
533.3
550.1
22.8
17.1
16.8 29
Equipment....................................................................... 1,150.4 1,137.4 1,162.8 1,189.1 1,212.6 1,228.4 1,183.7 1,169.5 1,197.1 1,225.6 1,250.9 1,264.5
30
67.6
25.3
13.7 30
Information
processing
equipment.............................
31
381.9
379.0
386.5
393.7
401.9
410.3
459.8
455.2
466.8
477.5
490.5
503.2
48.9
13.0
12.7 31
Industrial equipment....................................................
32
231.3
230.1
234.6
238.5
243.9
243.4
228.6
227.7
231.6
234.6
238.5
236.4
14.2
3.9
-2.1 32
Transportation equipment...........................................
33
284.3
279.4
285.0
290.4
300.7
303.1
264.2
259.0
264.7
270.9
280.3
281.0
-10.1
9.4
0.6 33
Other equipment..........................................................
34
252.9
249.0
256.8
266.4
266.1
271.6
241.0
237.6
244.4
253.0
252.8
257.0
20.0
-0.2
4.1 34
Intellectual property products........................................
35
852.0
850.9
858.9
862.9
892.7
919.7
841.1
842.3
845.9
847.3
875.7
898.9
37.3
28.4
23.2 35
Software.......................................................................
36
352.9
353.5
359.7
355.9
370.3
382.2
379.3
377.7
387.9
385.3
402.1
414.8
33.4
16.8
12.7 36
Research and development.......................................
37
417.9
416.5
417.8
425.0
439.7
453.8
386.8
389.5
384.0
386.8
398.8
409.2
4.8
12.0
10.4 37
Entertainment, literary, and artistic originals..............
38
81.2
80.9
81.4
82.0
82.7
83.6
77.7
77.5
77.5
78.2
78.4
78.9
1.1
0.2
0.5 38
39
754.6
744.1
751.5
777.4
787.2
797.9
611.1
605.2
604.5
620.7
615.3
612.8
19.8
-5.3
-2.5 39
Residential.........................................................................
Change
in
private
inventories..........................................
40
25.5
17.1
55.4
21.5
36.3
-1.2
22.5
11.9
64.4
16.1
30.3
-26.9
-0.9
14.2
-57.3 40
41
-5.0
-5.4
-3.6
-4.2
-1.9
-0.1
-5.9
-5.6
-4.9
-6.2
-6.9
-4.9
-0.1
-0.7
2.1 41
Farm...................................................................................
Nonfarm.............................................................................
42
30.5
22.5
59.0
25.7
38.2
-1.1
27.4
16.9
67.8
21.1
35.9
-22.5
-1.0
14.8
-58.4 42
43 Net exports of goods and services....................................
-578.4
-571.9
-557.3
-607.9
-639.2
-551.9
-858.7
-844.1
-845.9
-899.2
-902.4
-843.7
-72.5
-3.1
58.6 43
44 Exports................................................................................ 2,350.2 2,316.3 2,358.3 2,432.0 2,477.4 2,567.5 2,450.1 2,435.0 2,456.1 2,495.9 2,517.8 2,573.1
71.9
21.9
55.3 44
45
54.6
13.7
54.8 45
Goods................................................................................ 1,535.9 1,510.8 1,536.7 1,598.8 1,628.1 1,705.0 1,697.3 1,686.2 1,694.8 1,739.2 1,753.0 1,807.8
Services.............................................................................
46
814.3
805.4
821.6
833.2
849.3
862.4
753.4
749.3
760.8
759.0
766.9
770.0
18.1
7.9
3.1 46
47 Imports................................................................................. 2,928.6 2,888.2 2,915.5 3,039.9 3,116.6 3,119.3 3,308.7 3,279.1 3,302.0 3,395.1 3,420.1 3,416.8
144.4
25.0
-3.3 47
Goods................................................................................ 2,378.5 2,344.6 2,358.9 2,474.6 2,537.1 2,536.4 2,773.5 2,745.8 2,762.6 2,855.6 2,872.7 2,870.5
48
122.1
17.1
-2.2 48
49
550.0
543.6
556.7
565.3
579.4
583.0
534.9
532.4
538.1
540.8
548.1
547.0
22.4
7.3
-1.1 49
Services.............................................................................
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or
its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
Source: U.S. Bureau of Economic Analysis

-9-

Table 3. Gross Domestic Product: Level and Change From Preceding Period--Table Ends
Line

2017

Billions of dollars
Seasonally adjusted at annual rates
2017
2018
r
Q2r
Q1
Q2
Q3
Q4

2017

August 29, 2018

Billions of chained (2012) dollars
Seasonally adjusted at annual rates
Change from preceding period
Line
2018
2017
2018
2017
r
r
Q2
Q1
Q1r
Q2r
Q2
Q3
Q4

50 Government consumption expenditures and gross
investment........................................................................ 3,374.4 3,360.0 3,372.3 3,419.1 3,456.8 3,505.5 3,130.4 3,130.0 3,121.8 3,140.2 3,152.2 3,170.6
-2.1
12.0
18.4 50
51 Federal................................................................................. 1,265.2 1,264.0 1,263.8 1,280.6 1,294.8 1,312.9 1,196.4 1,197.1 1,193.2 1,205.2 1,213.1 1,224.2
8.6
7.9
11.1 51
National defense...............................................................
52
743.9
746.7
743.1
750.7
759.0
772.5
713.8
717.6
712.3
717.5
722.8
733.4
4.6
5.3
10.6 52
Consumption expenditures............................................
53
594.0
595.2
592.3
598.5
606.6
618.3
566.9
568.6
564.7
568.9
574.4
583.7
-3.7
5.5
9.4 53
Gross investment...........................................................
54
149.9
151.5
150.8
152.3
152.4
154.2
147.0
149.1
147.8
148.7
148.6
149.8
8.5
-0.1
1.2 54
55
521.3
517.3
520.7
529.8
535.8
540.4
481.9
478.9
480.3
487.0
489.5
490.2
3.9
2.6
0.6 55
Nondefense.......................................................................
Consumption expenditures............................................
56
392.8
388.9
392.4
399.5
406.0
409.4
358.6
355.6
357.5
362.6
366.3
366.4
2.0
3.7
0.1 56
Gross investment...........................................................
57
128.5
128.4
128.3
130.4
129.8
131.1
123.3
123.4
122.8
124.4
123.2
123.7
1.9
-1.2
0.5 57
58 State and local.................................................................... 2,109.2 2,096.0 2,108.5 2,138.5 2,162.0 2,192.5 1,932.3 1,931.3 1,926.9 1,933.5 1,937.7 1,945.2
-10.5
4.3
7.5 58
59
-0.8
0.9
2.5 59
Consumption expenditures............................................... 1,744.5 1,733.6 1,747.5 1,768.0 1,784.4 1,803.5 1,595.4 1,595.3 1,594.9 1,594.5 1,595.3 1,597.9
Gross investment..............................................................
60
364.8
362.4
361.1
370.5
377.6
389.0
336.8
335.9
331.9
339.0
342.4
347.4
-9.7
3.5
5.0 60
61 Residual................................................................................... ................ ................ ................ ................ ................ ................
-1.4
-3.4
-13.6
-5.1
-10.3
-20.0 ................ ................ ................ 61
Addenda:
62 Gross domestic income (GDI)1......................................... 19,628.6 19,545.9 19,702.5 19,908.5 20,201.0 20,454.4 18,183.3 18,168.7 18,226.7 18,294.2 18,470.2 18,553.2
404.3
176.0
83.0 62
63 Average of GDP and GDI.................................................... 19,557.0 19,452.5 19,645.3 19,870.2 20,121.0 20,433.1 18,117.0 18,081.9 18,173.8 18,259.0 18,397.1 18,533.9
397.9
138.1
136.8 63
64 Final sales of domestic product........................................... 19,459.9 19,342.1 19,532.7 19,810.4 20,004.7 20,413.1 18,008.7 17,963.6 18,042.6 18,186.5 18,274.4 18,509.9
391.1
87.9
235.5 64
65 Gross domestic purchases.................................................. 20,063.8 19,931.1 20,145.3 20,439.7 20,680.2 20,963.7 18,881.0 18,813.5 18,941.2 19,087.4 19,190.2 19,330.3
453.0
102.8
140.1 65
66 Final sales to domestic purchasers..................................... 20,038.3 19,914.0 20,089.9 20,418.3 20,643.9 20,964.9 18,839.8 18,783.0 18,863.3 19,051.0 19,141.3 19,327.1
452.6
90.3
185.8 66
67 Final sales to private domestic purchasers........................ 16,663.9 16,554.0 16,717.6 16,999.2 17,187.0 17,459.5 15,713.5 15,656.9 15,745.8 15,915.4 15,993.7 16,161.5
455.8
78.3
167.7 67
68 Gross domestic product................................................... 19,485.4 19,359.1 19,588.1 19,831.8 20,041.0 20,411.9 18,050.7 17,995.2 18,120.8 18,223.8 18,324.0 18,514.6
391.5
100.2
190.6 68
69 Plus: Income receipts from the rest of the world................
957.1
924.9
979.6 1,024.5 1,063.2 1,071.7
900.8
873.4
920.7
957.2
989.6
991.9
77.2
32.4
2.3 69
70 Less: Income payments to the rest of the world.................
713.4
708.7
724.6
753.7
794.4
806.5
667.5
665.3
677.2
699.6
731.3
738.2
52.0
31.7
6.9 70
71 Equals: Gross national product....................................... 19,729.1 19,575.4 19,843.0 20,102.6 20,309.8 20,677.0 18,284.0 18,203.6 18,364.1 18,480.8 18,581.5 18,767.7
416.3
100.7
186.2 71
72 Net domestic product........................................................... 16,369.2 16,258.1 16,453.3 16,667.9 16,837.6 17,156.7 15,092.0 15,047.8 15,150.1 15,230.7 15,309.0 15,474.9
301.9
78.3
165.9 72
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or
its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
Source: U.S. Bureau of Economic Analysis

- 10 -

August 29, 2018

7DEOH3ULFH,QGH[HVIRU*URVV'RPHVWLF3URGXFWDQG5HODWHG0HDVXUHV3HUFHQW&KDQJH)URP3UHFHGLQJ3HULRG
Line

2015

2016

2014

2017
Q3

Q4

Seasonally adjusted at annual rates
Line
2015
2016
2017
2018
r
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
-0.2
2.4
1.2
0.1
-0.2
2.7
1.4
2.3
2.0
1.2
2.2
2.5
2.0
3.0
1
-1.8
2.0
1.2
-0.2
0.2
2.4
1.7
1.9
2.1
0.8
1.6
2.7
2.5
1.9
2
-8.2
1.9
-0.8
-4.0
-4.1
1.2
-0.9
0.8
2.2
-2.8
0.7
1.5
2.2
0.4
3
-3.0
-0.7
-2.2
-2.2
-1.9
-2.6
-3.5
-3.5
0.2
-3.1
-2.4
-2.2
-1.1
-1.5
4
-10.7
3.1
-0.1
-4.8
-5.2
3.1
0.4
3.0
3.3
-2.6
2.3
3.4
3.9
1.4
5
1.4
2.0
2.1
1.6
2.3
2.9
3.0
2.5
2.0
2.4
2.0
3.3
2.6
2.6
6
0.1
-0.3
0.3
-0.6
-1.6
1.7
0.6
2.1
1.0
2.0
1.9
1.3
2.5
3.1
7
1.3
0.2
0.5
-0.6
-1.3
1.5
0.7
1.9
1.1
1.9
2.0
1.2
2.5
3.1
8
0.9
-0.3
-0.3
-1.4
-2.2
0.5
-0.7
1.0
0.6
1.0
1.3
0.7
0.7
1.9
9
0.1
-1.1
1.8
0.1
-1.7
3.2
-0.6
2.4
2.7
3.7
3.9
2.3
3.2
4.9 10
-0.3
-0.9
-1.5
-1.4
-1.0
-0.6
-0.5
-1.2
-0.3
-0.3
-0.5
-0.5
-0.3
0.8 11
3.5
1.3
0.1
-2.4
-4.1
0.2
-1.0
3.1
0.4
1.0
2.0
1.2
0.4
1.4 12
2.5
2.0
3.5
2.5
1.9
5.4
6.0
5.1
3.0
5.1
4.5
3.1
8.8
7.3 13
................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 14
................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 15
-9.7
-0.8
-4.1
-6.1
-5.7
4.2
2.3
2.5
3.8
0.3
3.8
6.1
4.0
5.7 16
-12.7
-2.0
-6.2
-8.1
-10.5
5.6
2.3
2.0
4.7
-0.5
4.9
5.7
4.2
6.3 17
-3.3
1.5
0.2
-2.3
3.9
1.8
2.4
3.5
2.0
1.7
1.9
6.8
3.6
4.6 18
-15.6
-5.1
-4.9
-8.5
-6.7
1.5
3.1
1.1
4.6
0.0
1.0
5.7
7.3
0.7 19
-17.9
-6.3
-5.4
-9.8
-8.1
1.5
4.0
1.4
5.4
-0.9
0.0
6.1
7.9
0.2 20
-4.2
0.4
-2.3
-2.3
-0.2
1.4
-0.5
-0.1
1.1
3.6
5.4
4.3
4.6
3.2 21

Gross domestic product (GDP)..............
1.1
1.9
2.0
0.4
1.0
Personal consumption expenditures.............
0.3
1.1
1.8
1.2
-0.4
Goods..............................................................
-3.1
-1.6
0.3
-0.8
-4.8
Durable goods..............................................
-2.2
-2.3
-2.2
-1.8
-3.1
-3.5
-1.2
1.6
-0.3
-5.6
Nondurable goods........................................
Services...........................................................
1.9
2.3
2.4
2.2
1.8
Gross private domestic investment................
0.7
0.0
1.5
2.5
1.7
Fixed investment.............................................
0.9
0.1
1.5
2.4
1.0
0.5
-0.8
0.7
1.3
1.1
Nonresidential...............................................
Structures..................................................
2.2
0.4
2.6
6.8
5.1
Equipment.................................................
-0.5
-1.0
-0.6
-0.4
0.0
Intellectual property products....................
0.8
-1.3
1.1
-0.2
-0.4
2.7
3.6
4.5
7.3
0.7
Residential....................................................
Change in private inventories.......................... ................ ................ ................ ................ ................
Net exports of goods and services................. ................ ................ ................ ................ ................
Exports............................................................
-5.0
-2.0
2.9
-1.0
-7.2
-7.2
-3.8
3.0
-2.6
-9.8
Goods...........................................................
Services........................................................
-0.5
1.5
2.6
2.5
-1.4
Imports.............................................................
-8.2
-3.6
2.3
-3.0
-8.1
Goods...........................................................
-9.6
-4.2
2.4
-3.8
-9.3
-1.6
-0.6
1.9
0.8
-2.1
Services........................................................
Government consumption expenditures
and gross investment....................................
0.3
0.3
2.6
2.2
0.2
-2.2
2.2
0.6
-1.1
-2.2
2.8
1.7
2.5
3.7
1.6
2.5
3.2
2.9
3.3 22
23 Federal............................................................
0.6
0.5
1.9
1.8
0.5
-0.5
1.1
0.8
-0.6
-1.2
2.2
1.8
2.2
2.7
1.3
1.2
1.3
1.8
1.9 23
National defense...........................................
24
0.3
0.3
1.6
1.4
-0.1
-0.7
0.9
0.7
-0.9
-1.6
2.1
1.7
1.8
2.3
0.9
1.0
1.2
1.4
1.2 24
25
1.0
0.9
2.4
2.6
1.3
-0.2
1.4
0.8
-0.2
-0.7
2.5
2.0
2.9
3.4
2.0
1.5
1.4
2.4
3.0 25
Nondefense..................................................
26 State and local.................................................
0.1
0.2
3.0
2.4
0.0
-3.2
2.9
0.4
-1.3
-2.9
3.1
1.7
2.7
4.3
1.7
3.4
4.4
3.6
4.2 26
Addenda:
27 Final sales of domestic product.......................
1.1
1.1
1.9
2.0
0.3
0.0
2.5
1.2
0.2
-0.1
2.7
1.4
2.2
2.0
1.2
2.2
2.5
2.0
3.0 27
28 Gross domestic purchases..............................
0.3
0.8
1.9
1.6
0.0
-1.5
1.6
0.9
-0.4
-0.5
2.3
1.5
2.1
2.2
1.1
1.8
2.6
2.5
2.3 28
29 Final sales to domestic purchasers.................
0.4
0.8
1.9
1.6
-0.1
-1.3
1.7
1.0
-0.4
-0.5
2.3
1.6
2.0
2.2
1.1
1.8
2.6
2.5
2.3 29
30 Final sales to private domestic purchasers.....
0.4
0.9
1.7
1.4
-0.1
-1.2
1.6
1.1
-0.3
-0.1
2.2
1.5
1.9
1.9
1.0
1.7
2.4
2.5
2.1 30
31 Gross national product (GNP).........................
1.0
1.1
1.9
2.0
0.4
-0.3
2.4
1.2
0.1
-0.2
2.7
1.4
2.3
1.9
1.2
2.2
2.5
1.9
3.0 31
1
1.3
1.4
1.9
2.1
1.1
0.4
1.9
1.4
0.5
0.6
2.3
2.0
2.1
2.2
1.3
1.8
2.4
2.4
2.8 32
32 GDP excluding food and energy ....................
33 Gross domestic purchases excluding
1
food and energy ...........................................
1.0
1.1
1.8
1.9
1.0
0.1
1.5
1.1
0.4
0.4
2.1
1.7
1.8
1.9
1.5
1.7
2.1
2.4
2.5 33
1
1.3
1.7
1.6
1.6
1.1
0.7
1.8
1.5
1.0
1.7
2.1
2.0
1.5
1.6
1.3
1.4
2.1
2.2
2.0 34
34 PCE excluding food and energy ....................
2
-0.1
0.8
1.5
1.0
-0.9
-2.3
1.8
1.0
-0.3
-0.3
2.0
1.4
1.7
2.1
0.0
1.4
2.5
2.3
1.9 35
35 Market-based PCE .........................................
36 Market-based PCE excluding food and
energy1,2........................................................
1.1
1.4
1.3
1.4
0.8
0.5
1.6
1.3
1.0
1.4
1.6
1.7
1.1
1.5
0.5
1.1
1.7
2.0
2.1 36
Implicit price deflators:
37
1.1
1.1
1.9
1.9
0.8
-0.3
2.3
1.5
0.1
-0.3
2.8
1.5
2.1
2.1
1.1
1.9
2.7
2.0
3.2 37
GDP..............................................................
Gross domestic purchases...........................
38
0.4
0.8
1.8
1.5
0.4
-1.6
1.5
1.2
-0.4
-0.6
2.4
1.6
1.9
2.3
1.1
1.6
2.8
2.6
2.6 38
39
1.0
1.1
1.9
1.9
0.8
-0.4
2.3
1.5
0.1
-0.3
2.8
1.5
2.1
2.0
1.1
1.9
2.7
1.9
3.2 39
GNP..............................................................
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of
nonprofit institutions serving households.
Source: U.S. Bureau of Economic Analysis
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

- 11 -

August 29, 2018

7DEOH5HDO*URVV'RPHVWLF3URGXFW$QQXDO3HUFHQW&KDQJH
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

Gross domestic product (GDP)..............................
Personal consumption expenditures (PCE)...................
Goods.............................................................................
Durable goods..............................................................
Nondurable goods........................................................
Services..........................................................................
Gross private domestic investment...............................
Fixed investment.............................................................
Nonresidential..............................................................
Structures..................................................................
Equipment.................................................................
Intellectual property products....................................
Residential...................................................................
Change in private inventories..........................................
Net exports of goods and services................................
Exports............................................................................
Goods..........................................................................
Services.......................................................................
Imports............................................................................
Goods..........................................................................
Services.......................................................................
Government consumption expenditures and gross
investment......................................................................
Federal............................................................................
National defense..........................................................
Nondefense.................................................................
State and local................................................................
Addenda:
Gross domestic income (GDI)1.......................................
Average of GDP and GDI................................................
Final sales of domestic product.......................................
Gross domestic purchases..............................................
Final sales to domestic purchasers.................................
Final sales to private domestic purchasers.....................
Gross national product....................................................
Real disposable personal income...................................
Price indexes:
Gross domestic purchases...........................................
Gross domestic purchases excluding food and
energy2......................................................................
GDP.............................................................................
2
GDP excluding food and energy .................................
PCE..............................................................................
PCE excluding food and energy2.................................
3
Market-based PCE .....................................................
2,3
Market-based PCE excluding food and energy ........

Percent change from preceding year
Percent change from fourth quarter to fourth quarter one year ago
Line
2010
2011
2012
2013
2014
2015
2016
2017
2010
2011
2012
2013
2014
2015
2016
2017
2.6
1.6
2.2
1.8
2.5
2.9
1.6
2.2
2.6
1.6
1.5
2.6
2.7
2.0
1.9
2.5
1
1.7
1.9
1.5
1.5
2.9
3.7
2.7
2.5
2.7
1.2
1.6
1.9
3.8
3.0
2.8
2.7
2
2.8
2.2
2.1
3.1
4.0
4.7
3.6
3.7
4.3
0.9
2.4
3.5
5.0
4.0
3.6
4.6
3
5.6
5.1
6.0
6.1
7.2
7.6
5.5
6.8
9.0
3.5
6.3
5.0
9.2
6.0
6.8
7.7
4
1.6
0.9
0.4
1.8
2.6
3.4
2.7
2.1
2.2
-0.2
0.7
2.8
3.0
3.0
2.0
3.0
5
1.2
1.7
1.2
0.6
2.4
3.2
2.3
2.0
1.9
1.4
1.2
1.1
3.2
2.6
2.4
1.8
6
14.1
6.6
11.0
6.9
5.4
4.8
-1.3
4.8
12.1
10.4
4.0
9.3
4.7
1.7
1.1
5.0
7
3.1
7.1
10.0
5.6
6.3
3.4
1.7
4.8
6.1
9.2
7.2
5.7
6.6
1.2
2.4
5.7
8
4.5
8.7
9.5
4.1
6.9
1.8
0.5
5.3
8.9
10.0
5.6
5.4
6.4
-0.7
1.8
6.3
9
-16.1
2.7
13.0
1.3
10.6
-3.0
-5.0
4.6
-3.6
8.6
4.0
6.7
8.8
-10.7
2.5
2.9 10
20.2
13.4
11.0
4.7
6.7
3.1
-1.5
6.1
22.6
12.7
7.8
5.4
5.1
2.0
-1.4
9.6 11
2.7
6.2
5.0
5.4
4.3
3.7
7.5
4.6
1.6
7.2
3.7
4.5
6.4
3.5
5.8
4.2 12
-3.1
-0.1
13.0
12.4
3.9
10.1
6.5
3.3
-5.7
5.3
15.4
7.1
7.8
8.9
4.5
3.8 13
.............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 14
.............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 15
12.1
7.1
3.4
3.6
4.3
0.6
-0.1
3.0
9.9
4.6
2.1
6.0
3.0
-1.6
0.8
4.7 16
15.0
7.1
3.8
3.2
4.6
-0.3
0.3
3.3
11.1
5.5
1.4
7.1
2.8
-3.2
2.0
5.3 17
6.3
7.3
2.4
4.5
3.6
2.4
-0.9
2.5
7.2
2.8
3.8
3.7
3.5
1.8
-1.5
3.6 18
13.1
5.6
2.7
1.5
5.1
5.5
1.9
4.6
12.0
3.8
0.6
3.0
6.7
3.4
3.1
5.4 19
15.4
6.1
2.6
1.8
5.6
5.8
1.4
4.6
13.9
3.9
0.5
3.4
7.2
3.2
2.8
5.9 20
3.6
3.2
3.1
0.5
2.6
4.0
4.2
4.4
3.7
3.2
1.4
1.1
4.0
3.9
4.3
3.5 21
0.0
4.1
2.9
6.2
-2.7

-3.1
-2.6
-2.1
-3.4
-3.5

-2.1
-1.9
-3.4
0.9
-2.2

-2.4
-5.5
-6.7
-3.5
-0.3

-0.9
-2.6
-4.2
-0.1
0.1

1.9
0.0
-2.0
3.1
3.0

1.4
0.4
-0.6
1.9
2.0

-0.1
0.7
0.7
0.8
-0.5

-1.3
1.9
1.3
3.0
-3.5

-3.4
-3.5
-3.6
-3.2
-3.3

-2.1
-2.6
-4.7
1.2
-1.7

-2.4
-6.1
-6.5
-5.5
0.2

0.2
-1.2
-3.6
2.7
1.1

2.2
1.2
-0.2
3.4
2.8

0.9
0.2
-0.7
1.5
1.4

0.1
1.3
1.3
1.3
-0.5

22
23
24
25
26

3.5
3.0
1.1
3.0
1.6
2.0
2.9
2.0

2.3
1.9
1.6
1.5
1.6
2.8
1.8
2.3

3.4
2.8
2.1
2.2
2.0
3.0
2.2
3.3

1.3
1.6
1.6
1.6
1.3
2.2
1.8
-1.3

3.2
2.8
2.6
2.6
2.8
3.6
2.5
4.0

2.6
2.7
2.6
3.6
3.3
3.7
2.8
4.1

0.8
1.2
2.1
1.8
2.3
2.5
1.5
1.7

2.3
2.2
2.2
2.5
2.5
3.0
2.3
2.6

3.5
3.0
1.8
3.1
2.3
3.3
2.8
3.5

2.1
1.9
1.4
1.6
1.4
2.6
1.9
1.6

2.9
2.2
1.9
1.2
1.7
2.6
1.2
4.9

1.5
2.1
2.0
2.2
1.7
2.6
2.6
-2.5

4.0
3.3
3.0
3.3
3.6
4.3
2.6
5.2

1.4
1.7
1.9
2.7
2.6
2.7
2.0
3.1

1.2
1.5
2.1
2.2
2.4
2.7
1.9
1.6

2.3
2.4
2.6
2.6
2.8
3.3
2.6
2.8

27
28
29
30
31
32
33
34

1.4

2.4

1.8

1.5

1.7

0.3

0.8

1.9

1.4

2.4

1.8

1.5

1.4

0.1

1.3

1.9

35

1.2
1.2
1.4
1.7
1.4
1.5
1.1

1.8
2.1
1.9
2.5
1.6
2.5
1.4

1.8
1.9
1.9
1.9
1.9
1.8
1.8

1.6
1.8
1.9
1.3
1.5
1.0
1.2

1.8
1.9
2.0
1.5
1.6
1.1
1.2

1.0
1.0
1.3
0.3
1.3
-0.1
1.1

1.1
1.1
1.4
1.1
1.7
0.8
1.4

1.8
1.9
1.9
1.8
1.6
1.5
1.3

1.2
1.6
1.4
1.2
0.9
1.1
0.7

1.9
2.0
2.0
2.7
1.9
2.8
1.9

1.8
2.1
2.0
1.8
1.8
1.5
1.5

1.7
1.8
2.1
1.2
1.6
0.8
1.1

1.6
1.6
1.7
1.2
1.5
0.8
1.2

0.8
0.9
1.1
0.3
1.2
0.0
1.1

1.5
1.5
1.8
1.6
1.8
1.2
1.5

1.8
2.0
1.9
1.8
1.6
1.5
1.2

36
37
38
39
40
41
42

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment)
and the final consumption expenditures of nonprofit institutions serving households.
Note. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change fourth quarter to fourth quarter columns are calculated from fourth quarter
values relative to the same quarter one year prior.
Source: U.S. Bureau of Economic Analysis

- 12 -

August 29, 2018

7DEOH5HDO*URVV'RPHVWLF3URGXFW3HUFHQW&KDQJH)URP4XDUWHU2QH<HDU$JR
Line

2014
2016
2018
2015
2017
Line
Q2r
Q1r
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
3.0
2.7
3.8
3.4
2.4
2.0
1.6
1.3
1.5
1.9
1.9
2.1
2.3
2.5
2.6
2.9
1
3.5
3.8
4.3
4.0
3.6
3.0
2.7
2.7
2.7
2.8
2.6
2.5
2.4
2.7
2.4
2.6
2
4.5
5.0
5.4
4.8
4.8
4.0
3.7
3.7
3.5
3.6
3.2
3.4
3.6
4.6
3.9
3.9
3
8.2
9.2
9.3
7.9
7.3
6.0
5.1
4.4
5.7
6.8
6.4
7.0
6.3
7.7
6.6
6.6
4
2.8
3.0
3.6
3.4
3.6
3.0
3.0
3.4
2.4
2.0
1.6
1.6
2.2
3.0
2.6
2.5
5
2.9
3.2
3.7
3.6
3.1
2.6
2.3
2.3
2.3
2.4
2.3
2.1
1.8
1.8
1.7
2.0
6
5.2
4.7
9.0
5.4
3.2
1.7
-1.7
-2.5
-2.3
1.1
2.8
4.5
6.8
5.0
6.2
4.8
7
6.9
6.6
5.7
4.0
2.8
1.2
1.7
1.4
1.5
2.4
4.3
4.7
4.6
5.7
5.2
5.7
8
8.0
6.4
4.5
2.7
0.8
-0.7
-0.5
-0.1
0.8
1.8
4.4
5.3
5.0
6.3
6.7
7.0
9
8.0
8.8
2.9
0.0
-3.9 -10.7
-9.6
-9.3
-3.0
2.5
6.7
6.8
2.2
2.9
3.1
5.3 10
10.7
5.1
5.5
3.4
1.6
2.0
-0.8
-1.0
-2.7
-1.4
2.5
4.8
7.3
9.6
9.5
8.1 11
4.1
6.4
4.3
3.7
3.3
3.5
7.1
8.5
8.7
5.8
5.6
4.9
3.9
4.2
5.6
6.7 12
2.5
7.8 10.7
9.9 11.1
8.9 10.4
7.3
4.0
4.5
3.9
2.7
3.0
3.8
0.2
1.2 13
............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ 14
............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ 15
4.8
3.0
2.4
1.4
0.1
-1.6
-1.1
-1.2
1.2
0.8
2.6
2.7
2.1
4.7
4.3
5.7 16
5.7
2.8
1.9
1.1
-0.9
-3.2
-0.8
-1.5
1.6
2.0
3.0
3.2
1.8
5.3
5.0
7.2 17
3.0
3.5
3.5
2.0
2.4
1.8
-1.8
-0.7
0.3
-1.5
1.9
1.8
2.6
3.6
3.0
2.8 18
4.5
6.7
7.1
5.3
6.2
3.4
1.9
1.2
1.4
3.1
4.1
4.6
4.1
5.4
5.0
4.2 19
4.9
7.2
7.7
5.8
6.5
3.2
1.2
0.6
0.9
2.8
4.1
4.4
4.0
5.9
5.2
4.5 20
2.3
4.0
4.3
3.0
5.0
3.9
4.7
4.0
3.8
4.3
4.3
5.3
4.4
3.5
3.8
2.8 21

Gross domestic product (GDP)................................
Personal consumption expenditures (PCE)....................
Goods................................................................................
Durable goods................................................................
Nondurable goods..........................................................
Services.............................................................................
Gross private domestic investment.................................
Fixed investment................................................................
Nonresidential.................................................................
Structures....................................................................
Equipment...................................................................
Intellectual property products.......................................
Residential......................................................................
Change in private inventories............................................
Net exports of goods and services..................................
Exports..............................................................................
Goods.............................................................................
Services..........................................................................
Imports...............................................................................
Goods.............................................................................
Services..........................................................................
Government consumption expenditures and gross
investment........................................................................
-0.5
0.2
1.1
2.2
1.9
2.2
2.5
1.3
1.1
0.9
-0.1
0.1
-0.4
0.1
0.7
1.3 22
23 Federal..............................................................................
-1.4
-1.2
-0.8
0.4
-0.9
1.2
0.7
0.1
0.6
0.2
0.1
1.1
0.4
1.3
1.9
2.3 23
National defense.............................................................
24
-2.3
-3.6
-2.7
-1.4
-3.7
-0.2
-0.4
-1.5
0.2
-0.7
-0.5
1.7
0.2
1.3
2.1
2.2 24
25
0.0
2.7
2.3
3.2
3.5
3.4
2.5
2.4
1.2
1.5
1.1
0.3
0.6
1.3
1.7
2.3 25
Nondefense....................................................................
26 State and local...................................................................
0.2
1.1
2.4
3.2
3.7
2.8
3.5
2.0
1.3
1.4
-0.3
-0.5
-0.9
-0.5
0.0
0.7 26
Addenda:
1
3.9
4.0
3.9
3.0
2.1
1.4
1.0
0.4
0.7
1.2
1.7
2.7
2.5
2.3
2.4
2.1 27
27 Gross domestic income (GDI) ..........................................
28 Average of GDP and GDI..................................................
3.5
3.3
3.9
3.2
2.2
1.7
1.3
0.9
1.1
1.5
1.8
2.4
2.4
2.4
2.5
2.5 28
29 Final sales of domestic product.........................................
3.3
3.0
3.2
3.1
2.3
1.9
2.2
2.0
2.2
2.1
2.2
2.1
2.0
2.6
2.4
3.0 29
30 Gross domestic purchases................................................
3.0
3.3
4.5
3.9
3.2
2.7
1.9
1.6
1.6
2.2
2.2
2.4
2.6
2.6
2.7
2.7 30
31 Final sales to domestic purchasers...................................
3.3
3.6
3.9
3.7
3.2
2.6
2.5
2.3
2.2
2.4
2.4
2.4
2.2
2.8
2.6
2.9 31
32 Final sales to private domestic purchasers........................
4.1
4.3
4.5
4.0
3.4
2.7
2.5
2.5
2.4
2.7
2.9
2.9
2.8
3.3
2.9
3.2 32
33 Gross national product.......................................................
3.1
2.6
3.7
3.2
2.1
2.0
1.4
1.2
1.4
1.9
2.1
2.1
2.6
2.6
2.7
3.1 33
34 Real disposable personal income......................................
4.3
5.2
4.9
4.4
4.1
3.1
2.5
1.6
1.1
1.6
2.0
2.7
2.9
2.8
2.8
2.9 34
Price indexes:
35
1.9
1.4
0.5
0.4
0.3
0.1
0.4
0.6
0.7
1.3
2.0
1.7
1.8
1.9
2.0
2.3 35
Gross domestic purchases.............................................
Gross domestic purchases excluding food and energy2
1.9
1.6
1.2
1.1
0.9
0.8
0.9
1.0
1.2
1.5
1.9
1.7
1.7
1.8
1.9
2.2 36
36
37
2.1
1.6
1.2
1.1
0.9
0.9
0.9
0.9
1.0
1.5
2.1
1.7
1.9
2.0
2.0
2.4 37
GDP................................................................................
GDP excluding food and energy2...................................
2.1
1.7
1.4
1.4
1.2
1.1
1.1
1.2
1.4
1.8
2.1
1.9
1.8
1.9
2.0
2.3 38
38
39
1.7
1.2
0.2
0.2
0.2
0.3
0.8
0.9
1.0
1.6
2.0
1.6
1.6
1.8
1.9
2.2 39
PCE................................................................................
2
PCE excluding food and energy ....................................
1.7
1.5
1.4
1.3
1.3
1.2
1.5
1.6
1.7
1.8
1.8
1.6
1.5
1.6
1.7
1.9 40
40
41
1.3
0.8
-0.2
-0.1
-0.1
0.0
0.6
0.6
0.7
1.2
1.8
1.3
1.3
1.5
1.5
2.0 41
Market-based PCE3........................................................
Market-based PCE excluding food and energy2,3...........
1.3
1.2
1.1
1.1
1.0
1.1
1.3
1.4
1.5
1.5
1.5
1.2
1.1
1.2
1.3
1.7 42
42
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished
without payment) and the final consumption expenditures of nonprofit institutions serving households.
Source: U.S. Bureau of Economic Analysis
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

- 13 -

August 29, 2018

7DEOH5HODWLRQRI*URVV'RPHVWLF3URGXFW*URVV1DWLRQDO3URGXFWDQG1DWLRQDO,QFRPH
[Billions of dollars]
Line

2015

2016

2017
Q2
19,359.1
924.9
708.7
19,575.4
3,101.1
-186.8
16,661.1
10,339.9
8,395.7
1,944.2
1,495.0
724.4
2,089.5
574.6
1,280.5
160.7
-3.5

Gross domestic product (GDP)................................................................................
18,219.3
18,707.2
19,485.4
Plus: Income receipts from the rest of the world.........................................................
839.3
859.1
957.1
Less: Income payments to the rest of the world..........................................................
613.1
643.8
713.4
Equals: Gross national product...............................................................................
18,445.5
18,922.5
19,729.1
Less: Consumption of fixed capital..............................................................................
2,917.5
2,990.5
3,116.2
Less: Statistical discrepancy.......................................................................................
-254.9
-126.9
-143.2
Equals: National income...........................................................................................
15,783.0
16,058.9
16,756.1
Compensation of employees....................................................................................
9,696.8
9,956.2
10,407.2
Wages and salaries...............................................................................................
7,854.4
8,080.7
8,453.8
Supplements to wages and salaries......................................................................
1,842.4
1,875.6
1,953.4
adjustments
1,421.9
1,419.3
1,500.9
Rental income of persons with capital consumption adjustment..............................
651.8
694.8
730.2
Corporate profits with inventory valuation and capital consumption adjustments....
2,057.3
2,035.0
2,099.3
Net interest and miscellaneous payments................................................................
591.8
546.0
576.4
Taxes on production and imports less subsidies......................................................
1,212.6
1,241.9
1,285.9
Business current transfer payments (net).................................................................
156.7
168.1
161.2
Current surplus of government enterprises..............................................................
-5.8
-2.3
-4.9
Addenda:
18,474.2
18,834.1
19,628.6
19,545.9
18 Gross domestic income (GDI)..................................................................................
19 Average of GDP and GDI.........................................................................................
18,346.8
18,770.7
19,557.0
19,452.5
-1.4
-0.7
-0.7
-1.0
20 Statistical discrepancy as a percentage of GDP......................................................
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
Source: U.S. Bureau of Economic Analysis
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

- 14 -

Seasonally adjusted at annual rates
2017
2018
Q1r
Q3
Q4
19,588.1
19,831.8
20,041.0
979.6
1,024.5
1,063.2
724.6
753.7
794.4
19,843.0
20,102.6
20,309.8
3,134.8
3,163.9
3,203.4
-114.4
-76.6
-159.9
16,822.6
17,015.3
17,266.2
10,471.2
10,568.6
10,710.1
8,506.6
8,588.1
8,710.6
1,964.6
1,980.5
1,999.4
1,507.5
1,526.1
1,549.9
732.0
745.3
749.3
2,101.1
2,150.7
2,177.3
561.5
580.1
591.9
1,290.7
1,305.8
1,337.4
164.0
147.0
161.2
-5.4
-8.2
-10.8
19,702.5
19,645.3
-0.6

19,908.5
19,870.2
-0.4

20,201.0
20,121.0
-0.8

r

Line

Q2
20,411.9
1,071.7
806.5
20,677.0
3,255.2
-42.6
17,464.4
10,820.3
8,805.8
2,014.5
1,573.5
753.9
2,249.7
576.6
1,353.1
150.3
-12.9

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

20,454.4
20,433.1
-0.2

18
19
20

August 29, 2018

7DEOH3HUVRQDO,QFRPHDQG,WV'LVSRVLWLRQ
[Billions of dollars]

Line

2015

2016

2017
Q2
16,721.2
10,339.9
8,395.7
1,944.2
1,495.0
41.5
1,453.5
724.4
2,610.9
1,490.9
1,120.0
2,841.6
1,290.6
2,014.2
14,707.0
13,716.7
990.2
6.7

1

Seasonally adjusted at annual rates
2018
2017
Q1r
Q3
Q4
16,895.1
17,103.1
17,319.2
10,471.2
10,568.6
10,710.1
8,506.6
8,588.1
8,710.6
1,964.6
1,980.5
1,999.4
1,507.5
1,526.1
1,549.9
36.4
35.4
35.2
1,471.1
1,490.6
1,514.7
732.0
745.3
749.3
2,615.1
2,692.9
2,719.5
1,500.1
1,577.2
1,597.6
1,115.1
1,115.7
1,121.9
2,875.3
2,887.6
2,933.9
1,306.0
1,317.3
1,343.6
2,048.5
2,070.9
2,030.0
14,846.6
15,032.2
15,289.2
13,853.3
14,083.3
14,194.8
993.4
948.9
1,094.3
6.7
6.3
7.2

Line
Q2r
17,497.6
10,820.3
8,805.8
2,014.5
1,573.5
42.1
1,531.4
753.9
2,743.4
1,603.2
1,140.2
2,963.6
1,357.1
2,042.6
15,455.1
14,400.8
1,054.3
6.8

Personal income .........................................................................................................
15,719.5
16,125.1
16,830.9
1
Compensation of employees.......................................................................................
9,696.8
9,956.2
10,407.2
2
Wages and salaries..................................................................................................
7,854.4
8,080.7
8,453.8
3
Supplements to wages and salaries.........................................................................
1,842.4
1,875.6
1,953.4
4
Proprietors' income with inventory valuation and capital consumption adjustments....
1,421.9
1,419.3
1,500.9
5
Farm.........................................................................................................................
56.4
37.5
38.9
6
Nonfarm....................................................................................................................
1,365.5
1,381.8
1,462.0
7
Rental income of persons with capital consumption adjustment.................................
651.8
694.8
730.2
8
Personal income receipts on assets............................................................................
2,471.3
2,516.6
2,631.6
9
Personal interest income..........................................................................................
1,438.1
1,440.9
1,523.0
10
Personal dividend income.........................................................................................
1,033.3
1,075.7
1,108.6
11
Personal current transfer receipts...............................................................................
2,683.0
2,778.1
2,859.7
12
Less: Contributions for government social insurance, domestic..................................
1,205.3
1,239.9
1,298.6
13
Less: Personal current taxes..........................................................................................
1,935.2
1,954.3
2,034.6
14
Equals: Disposable personal income........................................................................
13,784.3
14,170.9
14,796.3
15
Less: Personal outlays....................................................................................................
12,740.1
13,222.7
13,809.5
16
Equals: Personal saving..............................................................................................
1,044.2
948.2
986.8
17
Personal saving as a percentage of disposable personal income...............................
7.6
6.7
6.7
18
Addenda:
19 Personal income excluding current transfer receipts, billions of
chained (2012) dollars2..............................................................................................
12,641.3
12,804.8
13,171.4
13,127.2
13,207.3
13,301.7
13,379.1
13,454.4 19
2
13,366.5
13,595.2
13,949.2
13,909.8
13,986.2
14,065.9
14,219.8
14,307.0 20
20 Disposable personal income, billions of chained (2012) dollars .................................
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets,
and personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Source: U.S. Bureau of Economic Analysis
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

- 15 -

August 29, 2018

7DEOH&RUSRUDWH3URILWV/HYHODQG3HUFHQW&KDQJH
Billions of dollars
Line

2015

2016

2017
Q2

1 Corporate profits with inventory valuation and
capital consumption adjustments....................................
2 Less: Taxes on corporate income.............................................
3 Equals: Profits after tax with inventory
valuation and capital consumption adjustments...........
4 Net dividends..........................................................................
5 Undistributed profits with inventory valuation
and capital consumption adjustments...............................
Addenda for corporate cash flow:
6 Net cash flow with inventory valuation adjustment........
Undistributed profits with inventory valuation
7
and capital consumption adjustments............................
Consumption of fixed capital...............................................
8
Less: Capital transfers paid (net)........................................
9
Addenda:
10 Profits before tax (without inventory valuation
and capital consumption adjustments)..............................
11 Profits after tax (without inventory valuation
and capital consumption adjustments)..............................
12 Inventory valuation adjustment..............................................
13 Capital consumption adjustment............................................

Percent change from preceding period

Seasonally adjusted at annual rates
2017
Q3

2018
Q4

Q1

Quarter one
year ago Line
2018
Q2

Quarterly rates
2016

2017

Q2

2017
Q3

2018
Q4

Q1

Q2

2,057.3
397.2

2,035.0
392.9

2,099.3
350.7

2,089.5
355.8

2,101.1
365.2

2,150.7
333.8

2,177.3
212.0

2,249.7
237.1

-1.1
-1.1

3.2
-10.7

0.6
2.6

2.4
-8.6

1.2
-36.5

3.3
11.8

7.7
-33.4

1
2

1,660.1
1,164.9

1,642.1
1,187.4

1,748.6
1,215.3

1,733.7
1,233.3

1,735.9
1,215.5

1,816.8
1,194.8

1,965.3
1,213.2

2,012.6
1,222.1

-1.1
1.9

6.5
2.3

0.1
-1.4

4.7
-1.7

8.2
1.5

2.4
0.7

16.1
-0.9

3
4

495.2

454.7

533.3

500.4

520.5

622.0

752.1

790.5

-8.2

17.3

4.0

19.5

20.9

5.1

58.0

5

2,091.8

2,080.5

1,941.4

2,194.1

2,086.2

1,348.6

2,498.7

2,565.0

-0.5

-6.7

-4.9

-35.4

85.3

2.7

16.9

6

495.2
1,593.4
-3.2

454.7
1,630.3
4.4

533.3
1,699.6
291.5

500.4
1,692.1
-1.5

520.5
1,709.0
143.4

622.0
1,725.5
998.9

752.1
1,745.6
-1.1

790.5
-8.2
17.3
4.0
19.5
20.9
5.1
58.0
1,773.6
2.3
4.3
1.0
1.0
1.2
1.6
4.8
-0.9 ................. ................. ................. ................. ................. ................. ....................

7
8
9

2,134.2

2,129.7

2,181.9

2,200.4

2,230.7

2,084.6

2,111.0

2,205.6

0.2

10

1,737.0
52.8
-129.8

1,736.9
-1.0
-93.7

1,831.2
-45.5
-37.1

1,844.6
-13.0
-97.9

1,865.5
-30.8
-98.8

1,750.8
-74.4
140.4

1,899.0
-74.1
140.4

1,968.5
0.0
5.4
1.1
-6.1
8.5
3.7
6.7
-90.2 ................. ................. ................. ................. ................. ................. ....................
134.3 ................. ................. ................. ................. ................. ................. ....................

11
12
13

Source: U.S. Bureau of Economic Analysis

- 16 -

-0.2

2.4

1.4

-6.5

1.3

4.5

August 29, 2018

7DEOH&RUSRUDWH3URILWVE\,QGXVWU\/HYHODQG&KDQJH)URP3UHFHGLQJ3HULRG
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

2015
Corporate profits with inventory valuation and
capital consumption adjustments..............................................
Domestic industries.............................................................................
Financial...............................................................................................
Nonfinancial.........................................................................................
Rest of the world...................................................................................
Receipts from the rest of the world.....................................................
Less: Payments to the rest of the world.............................................
Corporate profits with inventory valuation adjustment............
Domestic industries.............................................................................
Financial...............................................................................................
Federal Reserve banks....................................................................
Other financial...................................................................................
Nonfinancial.........................................................................................
Utilities...............................................................................................
Manufacturing...................................................................................
Durable goods...............................................................................
Fabricated metal products..........................................................
Machinery....................................................................................
Computer and electronic products.............................................
Electrical equipment, appliances, and components..................
Motor vehicles, bodies and trailers, and parts..........................
Other durable goods...................................................................
Nondurable goods.........................................................................
Food and beverage and tobacco products...............................
Petroleum and coal products.....................................................
Chemical products......................................................................
Other nondurable goods............................................................
Wholesale trade................................................................................
Retail trade........................................................................................
Transportation and warehousing.....................................................
Information........................................................................................
Other nonfinancial.............................................................................
Rest of the world...................................................................................

2,057.3
1,654.7
397.1
1,257.6
402.5
675.1
272.6
2,187.0
1,784.5
437.6
100.7
336.8
1,346.9
20.1
422.5
233.8
24.8
24.0
67.9
24.0
26.4
66.7
188.7
68.9
16.5
64.9
38.4
152.1
169.2
62.2
140.4
380.4
402.5

2016

2,035.0
1,628.5
438.4
1,190.0
406.5
683.3
276.8
2,128.7
1,722.2
468.9
92.0
376.9
1,253.3
7.2
322.9
188.1
23.4
18.3
49.5
4.8
29.2
62.8
134.8
65.6
-29.8
61.8
37.1
127.5
173.5
62.9
171.6
387.7
406.5

2017

[Billions of dollars]
Level
Seasonally adjusted at annual rates
2018
2017
Q2
Q3
Q4
Q1
Q2

2,099.3
1,650.4
445.6
1,204.8
448.8
747.1
298.2
2,136.4
1,687.5
468.7
78.3
390.4
1,218.9
3.8
292.9
165.6
22.5
18.0
40.1
2.9
21.0
61.1
127.2
58.4
-11.9
49.6
31.1
111.8
162.5
59.4
148.6
439.8
448.8

2,089.5
1,670.2
438.7
1,231.5
419.3
721.1
301.8
2,187.3
1,768.0
468.7
80.1
388.6
1,299.3
5.3
306.9
178.7
25.3
20.6
36.0
5.2
22.3
69.3
128.2
56.7
-17.9
55.5
33.9
128.9
170.7
66.4
148.6
472.5
419.3

2,101.1
1,641.3
458.9
1,182.4
459.9
759.4
299.6
2,199.9
1,740.0
489.0
71.8
417.2
1,251.0
2.7
320.8
169.6
23.4
19.3
46.4
3.1
19.2
58.1
151.2
67.0
-4.5
56.9
31.8
114.7
168.7
59.6
157.8
426.6
459.9

Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS).
Source: U.S. Bureau of Economic Analysis

- 17 -

2,150.7
1,667.6
450.5
1,217.2
483.0
798.8
315.8
2,010.3
1,527.3
453.7
71.9
381.8
1,073.6
1.4
264.5
150.5
20.1
13.4
44.8
0.9
14.3
57.0
114.0
55.2
-7.0
39.8
25.9
86.3
139.2
50.6
124.0
407.5
483.0

2,177.3
1,690.7
441.2
1,249.5
486.7
819.6
333.0
2,036.9
1,550.2
444.5
69.9
374.6
1,105.8
-1.1
238.5
128.8
19.7
13.3
33.1
3.7
9.8
49.1
109.8
49.0
-0.7
36.2
25.3
88.6
155.4
47.9
148.9
427.6
486.7

2,249.7
1,771.1
457.9
1,313.1
478.6
813.6
335.0
2,115.4
1,636.7
462.2
66.6
395.6
1,174.6
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
478.6

Change from preceding period
2016
-22.3
-26.3
41.3
-67.6
4.0
8.2
4.2
-58.3
-62.3
31.3
-8.8
40.1
-93.6
-12.9
-99.6
-45.7
-1.4
-5.7
-18.4
-19.2
2.8
-3.8
-53.9
-3.3
-46.3
-3.1
-1.2
-24.6
4.3
0.7
31.3
7.3
4.0

2017
64.3
22.0
7.2
14.8
42.3
63.7
21.4
7.7
-34.6
-0.2
-13.7
13.5
-34.4
-3.4
-30.0
-22.4
-0.9
-0.3
-9.4
-1.9
-8.2
-1.7
-7.6
-7.2
17.8
-12.2
-6.0
-15.7
-11.0
-3.5
-23.0
52.1
42.3

2017
Q3
11.6
-28.9
20.2
-49.2
40.6
38.3
-2.3
12.5
-28.0
20.3
-8.3
28.6
-48.3
-2.6
13.9
-9.1
-1.8
-1.4
10.4
-2.1
-3.1
-11.2
23.0
10.3
13.4
1.4
-2.1
-14.2
-2.0
-6.8
9.2
-45.9
40.6

Line

2018
Q4
49.5
26.4
-8.4
34.8
23.1
39.3
16.2
-189.6
-212.7
-35.3
0.1
-35.4
-177.4
-1.3
-56.3
-19.1
-3.3
-5.8
-1.6
-2.2
-4.9
-1.1
-37.2
-11.7
-2.5
-17.1
-5.9
-28.4
-29.5
-9.0
-33.8
-19.1
23.1

Q1
26.7
23.0
-9.3
32.3
3.7
20.9
17.2
26.6
23.0
-9.2
-2.0
-7.2
32.2
-2.5
-26.0
-21.8
-0.4
-0.1
-11.7
2.7
-4.4
-7.9
-4.2
-6.2
6.2
-3.6
-0.6
2.3
16.2
-2.7
24.9
20.0
3.7

Q2
72.4
80.4
16.8
63.6
-8.0
-6.0
2.0
78.5
86.5
17.7
-3.2
20.9
68.8
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
-8.0

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

August 29, 2018

7DEOH*URVV9DOXH$GGHGRI1RQILQDQFLDO'RPHVWLF&RUSRUDWH%XVLQHVV
Line

2015

2016

2017

Seasonally adjusted at annual rates
2017
2018
Q1r
Q2r
Q2
Q3
Q4

Line

Billions of dollars
Gross value added of nonfinancial corporate business............................................................. 9,136.3 9,245.4 9,644.4 9,628.9 9,660.8 9,770.7 9,926.5 10,077.9
1
Consumption of fixed capital..................................................................................................................... 1,406.1 1,432.6 1,491.0 1,484.5 1,498.8 1,512.6 1,529.4 1,553.0
2
Net value added....................................................................................................................................... 7,730.2 7,812.8 8,153.4 8,144.5 8,162.1 8,258.1 8,397.1 8,524.9
3
Compensation of employees................................................................................................................. 5,290.6 5,426.4 5,695.3 5,664.0 5,723.5 5,766.5 5,861.1 5,927.7
4
Wages and salaries............................................................................................................................ 4,427.2 4,554.9 4,779.5 4,753.5 4,802.8 4,838.5 4,920.5 4,977.8
5
Supplements to wages and salaries...................................................................................................
863.4
871.4
915.8
910.5
920.6
927.9
940.6
949.9
6
Taxes on production and imports less subsidies..................................................................................
780.1
794.3
828.5
824.0
832.5
841.4
851.8
861.5
7
Net operating surplus............................................................................................................................. 1,659.6 1,592.2 1,629.7 1,656.5 1,606.1 1,650.2 1,684.2 1,735.7
8
Net interest and miscellaneous payments.........................................................................................
305.0
332.5
335.2
335.4
334.5
334.7
341.7
333.3
9
Business current transfer payments (net)..........................................................................................
96.9
69.7
89.6
89.5
89.2
98.4
93.0
89.3 10
Corporate profits with inventory valuation and capital consumption adjustments............................ 1,257.6 1,190.0 1,204.8 1,231.5 1,182.4 1,217.2 1,249.5 1,313.1 11
Taxes on corporate income.............................................................................................................
284.0
271.3
247.0
254.4
255.4
223.8
149.7
170.1 12
Profits after tax with inventory valuation and capital consumption adjustments............................
973.6
918.8
957.9
977.1
927.0
993.4 1,099.8 1,143.1 13
Net dividends.................................................................................................................................
641.1
698.7
703.6
755.7
627.8
716.4
-326.1
242.1 14
Undistributed profits with inventory valuation and capital consumption adjustments................
332.5
220.0
254.2
221.4
299.2
277.0 1,425.9
901.0 15
Addenda:
16 Profits before tax (without inventory valuation and capital consumption adjustments)....................... 1,294.1 1,254.3 1,264.4 1,312.4 1,281.8 1,147.9 1,179.9 1,264.8 16
17 Profits after tax (without inventory valuation and capital consumption adjustments).......................... 1,010.1
983.0 1,017.4 1,057.9 1,026.4
924.2 1,030.2 1,094.7 17
52.8
-1.0
-45.5
-13.0
-30.8
-74.4
-74.1
-90.2 18
18 Inventory valuation adjustment..............................................................................................................
-89.3
-63.3
-14.0
-67.8
-68.6
143.6
143.8
138.5 19
19 Capital consumption adjustment...........................................................................................................
Billions of chained (2012) dollars
Gross value added of nonfinancial corporate business1........................................................... 8,810.0 8,942.5 9,246.1 9,233.7 9,291.9 9,387.3 9,508.5 9,559.6 20
20
2
21 Consumption of fixed capital ................................................................................................................... 1,371.6 1,413.3 1,455.9 1,449.7 1,461.4 1,473.6 1,489.1 1,506.8 21
3
22 Net value added ....................................................................................................................................... 7,438.4 7,529.2 7,790.1 7,784.0 7,830.4 7,913.7 8,019.4 8,052.8 22
Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real gross value added of nonfinancial corporate
business:
4
23 Price per unit of real gross value added of nonfinancial corporate business .........................
1.037
1.034
1.043
1.043
1.040
1.041
1.044
1.054 23
0.601
0.607
0.616
0.613
0.616
0.614
0.616
0.620 24
24 Compensation of employees (unit labor cost).......................................................................................
0.294
0.294
0.297
0.296
0.296
0.297
0.296
0.297 25
25 Unit nonlabor cost..................................................................................................................................
Consumption of fixed capital...............................................................................................................
0.160
0.160
0.161
0.161
0.161
0.161
0.161
0.162 26
26
Taxes on production and imports less subsidies plus business current transfer payments (net)....
27
0.100
0.097
0.099
0.099
0.099
0.100
0.099
0.099 27
Net interest and miscellaneous payments.........................................................................................
0.035
0.037
0.036
0.036
0.036
0.036
0.036
0.035 28
28
29 Corporate profits with inventory valuation and capital consumption adjustments
(unit profits from current production)...................................................................................................
0.143
0.133
0.130
0.133
0.127
0.130
0.131
0.137 29
Taxes on corporate income................................................................................................................
0.032
0.030
0.027
0.028
0.027
0.024
0.016
0.018 30
30
Profits after tax with inventory valuation and capital consumption adjustments...............................
31
0.111
0.103
0.104
0.106
0.100
0.106
0.116
0.120 31
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and structures is used. Effective with this release, the estimates of real gross value added of nonfinancial corporate business were revised
historically, reflecting the incorporation of updated price deflators from BEA's industry economic accounts.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2012 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. Effective with this release, the estimates of
real gross value added of nonfinancial corporate business were revised historically, reflecting the incorporation of updated price deflators from BEA's industry economic accounts.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS).
Source: U.S. Bureau of Economic Analysis
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

- 18 -

August 29, 2018

$SSHQGL[7DEOH$5HDO*URVV'RPHVWLF3URGXFWDQG5HODWHG$JJUHJDWHV3HUFHQW&KDQJH)URP3UHFHGLQJ3HULRGDQG&RQWULEXWLRQVWR3HUFHQW&KDQJH
Line

2015

2016

2014

2017
Q3

1
2
3
4
5
6
7

Gross domestic product (GDP) and related aggregates:
GDP.........................................................................................
Goods......................................................................................
Services...................................................................................
Structures................................................................................
Motor vehicle output................................................................
GDP excluding motor vehicle output.......................................
Nonfarm business gross value added1...................................

2.9
2.9
2.8
3.6
6.3
2.8
3.5

1.6
1.2
1.8
1.0
1.8
1.6
1.6

2.2
3.8
1.5
2.2
-1.3
2.3
2.7

Q4

Seasonally adjusted at annual rates
2016
Q2
Q3
Q4

2015
Q1
Q2
Q3
Q4
Percent change from preceding period

4.9
1.9
3.3
3.3
1.0
0.4
1.5
7.6
-1.8
4.0
3.9
0.1
-0.7
0.5
3.8
2.8
3.6
2.3
1.6
2.2
1.1
3.8
9.3
-1.5
9.4
-0.6
-8.6
8.6
16.9
-4.4
1.5
17.6
20.9
-22.8
10.4
4.6
2.1
3.4
2.9
0.4
1.2
1.3
6.4
2.2
4.1
4.1
0.6
0.1
1.6
Contributions to percent change in real gross domestic product

Percent change at annual rate:
Gross domestic product....................................................
2.9
1.6
2.2
4.9
Percentage points at annual rates:
9 Goods.........................................................................................
0.88
0.35
1.11
2.32
10 Services......................................................................................
1.71
1.13
0.92
2.30
11 Structures...................................................................................
0.29
0.08
0.19
0.31
12 Motor vehicle output...................................................................
0.18
0.05
-0.04
0.45
r Revised
1. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
Source: U.S. Bureau of Economic Analysis
8

2017

Q1

2.3
3.1
2.4
-1.7
2.8
2.3
2.5

1.9
1.6
2.0
2.4
4.0
1.9
2.2

Q1

1.8
2.3
1.3
3.4
-2.9
1.9
2.3

Q2

1.8
1.2
1.3
7.8
-7.3
2.1
1.9

2018
Q3

3.0
8.6
1.2
-2.5
-2.2
3.1
3.8

Q4

2.8
8.4
1.2
-3.7
-3.8
3.0
3.6

2.3
1.1
2.1
7.9
23.2
1.8
3.0

r

Line

Q2

Q1

2.2
4.1
1.2
3.4
9.5
2.0
2.6

4.2
7.0
2.9
4.6
-6.2
4.5
5.0

1
2
3
4
5
6
7

1.9

3.3

3.3

1.0

0.4

1.5

2.3

1.9

1.8

1.8

3.0

2.8

2.3

2.2

4.2

8

-0.54
1.71
0.72
-0.13

1.23
2.23
-0.13
0.04

1.19
1.41
0.73
0.48

0.05
0.98
-0.06
0.58

-0.19
1.33
-0.74
-0.78

0.17
0.71
0.67
0.29

0.92
1.51
-0.14
0.08

0.47
1.27
0.19
0.12

0.69
0.80
0.28
-0.08

0.37
0.79
0.63
-0.22

2.43
0.77
-0.21
-0.06

2.40
0.74
-0.32
-0.10

0.34
1.32
0.64
0.58

1.20
0.73
0.28
0.26

2.05
1.78
0.39
-0.18

9
10
11
12

$SSHQGL[7DEOH%1RW6HDVRQDOO\$GMXVWHG5HDO*URVV'RPHVWLF3URGXFW/HYHODQG3HUFHQW&KDQJH)URP4XDUWHU2QH<HDU$JR
Line
Q1
4281.9
2950.9
731.6
-168.1
579.6
747.7
767.8

Gross Domestic Product (GDP)..............................................
Personal consumption expenditures.......................................
Gross private domestic investment.........................................
Net exports of goods and services..........................................
Exports.................................................................................
Imports..................................................................................
Government consumption expenditures and gross investment
Addenda:
Current dollar measures: (Billions of dollars)
8
GDP...................................................................................... 4494.2
Gross Domestic Income....................................................... 4634.8
9
r Revised
Source: U.S. Bureau of Economic Analysis
1
2
3
4
5
6
7

Billions of chained (2012) dollars at quarterly rates
2017
2016
Q2
Q3
Q4
Q1
Q2
Q3
Q4
4402.4 4448.4 4526.6 4338.6 4500.6 4562.1 4649.4
3052.5 3059.6 3185.3 3014.3 3135.8 3136.2 3272.4
763.7
799.0
756.3
733.4
796.2
859.2
807.8
-203.1
-207.3
-207.7
-182.5
-226.3
-223.5
-226.4
591.8
601.8
604.9
594.2
607.9
616.0
632.0
794.9
809.1
812.6
776.7
834.2
839.5
858.3
784.6
792.0
788.1
770.8
787.1
783.9
788.6

4670.2
4626.0

4728.1
4735.9

4814.8
4837.4

4652.8
4888.9

4856.4
4838.9

4933.7
4852.8

5042.5
5047.9

- 19 -

Percent change from quarter one year ago
Line
2018
2018
2016
2017
r
Q2r
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
1.3
1.4
2.0
1.3
2.2
2.6
2.7
3.3
3.0
1
4483.0 4636.5
2.6
2.6
2.7
2.1
2.7
2.5
2.7
2.8
2.7
2
3097.6 3219.4
796.0
841.6
-2.1
-2.2
1.0
0.3
4.3
7.5
6.8
8.5
5.7
3
-197.5
-228.9 ................ ................ ................ ................ ................ ................ ................ ................ ................
4
619.0
638.0
-1.4
0.5
0.8
2.5
2.7
2.4
4.5
4.2
4.9
5
816.5
866.9
1.3
1.3
2.4
3.9
4.9
3.8
5.6
5.1
3.9
6
782.7
795.6
1.4
0.9
1.3
0.4
0.3
-1.0
0.1
1.5
1.1
7

4901.5
5117.1

5130.7
506.

2.3
1.6

2.6
3.8

3.3
1.3

3.5
5.5

4.0
4.6

4.3
2.5

4.7
4.3

5.3
4.7

5.6
4.

8
9